AMI Says Support For New Stadium Underlines Commitment

Press Release – AMI Insurance

AMI Insurance, whose ongoing insurance business is expected to come under the ownership of IAG Insurance in the near future, is looking ahead with its agreement to take on naming rights for Christchurch’s new AMI Stadium sports facility in Addington …23 March, 2012

AMI Says Support For New Stadium Underlines Company’s Commitment To Canterbury Community

AMI Insurance, whose ongoing insurance business is expected to come under the ownership of IAG Insurance in the near future, is looking ahead with its agreement to take on naming rights for Christchurch’s new AMI Stadium sports facility in Addington – home to the Crusaders and Canterbury Rugby.

AMI Chief Executive John Balmforth said that AMI’s support for the new sports ground is all about reinforcing the insurer’s commitment to the Canterbury earthquake recovery, celebrating the spirit of the city of Christchurch and sending a strong message that AMI is a company that is loyal to the communities it operates in.

“A functioning sports venue for large events is important for Christchurch and its future — which means it is also important for AMI and its future,” Mr Balmforth said.

“AMI has been part of Canterbury since 1926 and, while the province and AMI have been challenged by the earthquakes that have damaged the region, the company is in a good position to move ahead and play a constructive role under new ownership. That is what our support of this excellent new facility is all about,” he said

AMI is awaiting final regulatory approval to enable its insurance business to be split, and the ongoing insurance business be sold to international insurance group IAG. The conditional sale has ensured existing AMI customers in Canterbury would continue to have access to attractive insurance cover, backed by IAG, at a time of uncertainty and that the AMI brand would be strongly supported into the future.

Chief Executive of IAG’s New Zealand business, Jacki Johnson, said the new stadium represented the resilience and fortitude of the people of Canterbury.

“The effort to get this up and running, and the signal it sends, is important — that is why we support AMI’s involvement” IAG is underwriting the agreement.

John Balmforth said that support from IAG for AMI’s involvement with the new stadium at this early stage demonstrated IAG’s commitment to the company.

“It shows that our core values such as looking after our customers and working closely in local communities, are endorsed by IAG This should give our policyholders and our people great comfort as we look to a new future.”

AMI’s long standing naming-rights agreement in relation to the damaged AMI Stadium south east of the CBD is currently in abeyance with no final decisions yet made on the stadium’s fate following substantial earthquake damage. AMI will consider its approach to that, in accordance with its contractual obligations, as more information became available, Mr Balmforth said.

ENDS

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