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Allianz pulls back horns in New Zealand


Germany-based insurer Allianz S.E. plans to stop writing new commercial motor and fleet, public and products' liability and property insurance business in New Zealand starting May 31, reported. Marc Guppy, chief executive of Allianz New Zealand Ltd., said that the insurer decided to pull out of the three commercial lines after conducting a strategic review of opportunities in New Zealand. Mr. Guppy said that Allianz will manage existing claims and continue to write marine insurance business in the country.

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