Promina subsidiary Vero New Zealand will acquire the motor vehicle, consumer goods warranty and credit insurance business of NZ insurer Autosure Group Holdings.

The $NZ68 million deal does not include current Autosure policies, although that is being discussed.

The Autosure brand, established in 1986, has a keen following, and for this reason Promina will continue to run the business as a stand-alone operation under the same name. Promina MD and CEO Mike Wilkins says one objective is to expand Vero’s expertise in niche markets.

The sale should be finalised by the end of August.