The former New Zealand Insurance Building in Napier, now the home of the Art Deco Trust
NZI or New Zealand Insurance is a major insurance company in New Zealand. NZI was formed in Auckland in 1859 as the New Zealand Insurance Company Ltd and is one of New Zealand's largest and longest-serving fire and general insurance brands. It merged with South British Insurance in 1981; the two companies had been equally matched rivals and were virtually the same size, but with different emphasis on the types of business they held. The new company formed a parent, New Zealand South British Group Ltd, which maintained both brands concurrently before changing to the NZI Corporation in 1984 when the South British brand was phased out. In January 2003 IAG, Insurance Australia Group, purchased NZI when acquiring Aviva's general insurance business, and NZI is now a subsidiary of IAG New Zealand Ltd. Aviva predecessor General Accident bought NZI in 1989. NZI focuses on providing products to the intermediated market; i.e. brokers and banks.