Nib Holdings has completed its $NZ45 million ($41 million) acquisition of Kiwi Insurance after the deal secured regulatory clearance.

Under the terms of the acquisition announced last November, Nib New Zealand acquired all the shares in Kiwi Insurance.

It also has an exclusive partnership with Kiwibank, where the lender will refer its retail customers to nib for their life and living insurance needs. Kiwibank and Kiwi Insurance are subsidiaries of Kiwi Group Holdings.

“We look forward to welcoming current customers into the Nib family and offering all Kiwi access to a suite of life and living insurance covers in line with our purpose of your better health,” Nib New Zealand CEO Rob Hennin said.