Latitude Group Holdings has completed the sale of its Hallmark business to St Andrew’s Insurance Group for $21.3 million. 

Hallmark has provided insurance in connection with Latitude instalment and lending products, covering price protection, merchandise protection, stolen cards and life events, including death, disability and unemployment. 

“The completion of the sale of Hallmark is an important step towards simplifying our business and ensuring that the company’s capital is invested in our core businesses and highest yielding growth opportunities,” Latitude CEO Bob Belan said. 

“Latitude looks forward to working with St Andrew’s as it takes responsibility for managing the Hallmark insurance products held by Latitude customers.” 

Perth-based St Andrew’s says on its website that it’s pleased to announce that Hallmark Life Insurance and Hallmark General Insurance have become part of its operations from June 1.   

St Andrew’s, which offers products including credit and mortgage protection, was owned by Bank of Queensland until 2021. The Hallmark deal was announced last year.