Hollard Holdings Australia has completed its acquisition of Commonwealth Bank’s general insurance business, saying the investment will consolidate its position as one of the top five non-life insurers in the domestic market.

The deal closed last week, more than a year after the two parties agreed to terms and conditions in which Hollard will pay about $625 million upfront, plus further later amounts, for the Australian CommInsure business.

CommInsure has gross written premium of about $800 million, focusing on home and contents and motor.

As part of the agreement, the transaction includes an exclusive 15-year strategic alliance between CBA and Hollard to distribute home and motor lines products to the bank’s customers.

“The acquisition further strengthens Hollard’s market share in Australia, solidifying its position as one of the country’s top five general insurers,” the insurer says in a statement.

Hollard Insurance CEO Paul Fahey says the business is “incredibly excited” to officially commence the long-term strategic partnership.

He says the partnership brings the collective strengths of both businesses together to deliver great insurance products and experiences for customers.

“I am also delighted to welcome the former CommInsure General Insurance team to our Hollard community,” Mr Fahey said.

“I would like to acknowledge and thank our teams across CBA and Hollard who have worked hard to get us to this point.

“The collaboration between our teams bodes well for a bright future and successful partnership.”

Hollard Holdings Australia MD Richard Enthoven says the alliance “complements Hollard’s existing partnerships with blue-chip, leading brands, further leveraging the partnership expertise we have built over the last 20 years”.