Allianz Global Assistance has acquired New Zealand-based Comprehensive Travel Insurance (CTI) as part of its growth strategy for the region.

The deal has been struck with CTI’s joint venture owners, Vero and United Travel Holdings.

CTI’s product offering will remain the same until June 1, when the underwriter will change from Vero to Allianz Australia.

“The acquisition of this 40-year-old travel insurance business is a logical and natural expansion of our New Zealand business,” Allianz Global Assistance Chief Zone Executive Officer Roland Rykart said.

“It represents a strong strategic fit and will result in immediate incremental business growth.”

Allianz Global Assistance entered the New Zealand market in 2011. It provides travel and emergency medical insurance to business clients.