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Non-bank launches insurance group

An Australian non-bank lender has launched a new insurance group to provide a range of credit insurance solutions to its clients.

After receiving a general insurance licence from APRA earlier this year, Liberty Financial’s LFI Group is now authorised to provide general insurance products in Australia, including mortgage protection, loan protection and vehicle equity insurance.

Through a partnership with leading commercial, rural and personal insurance provider CGU, LFI has also broadened its range of general insurance options for home and motor vehicle customers.

The group commences trading with an initial capital investment equal to two times the minimum prudential capital requirement, the group confirmed.

“LFI aims to deliver a great experience for both our customers and our preferred business partners,” LFI Group general manager Dean Cullen said.

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“With a simple application process and direct access to our underwriting and claims teams, we offer unmatched finance and insurance integration,” Mr Cullen said.

LFI will initially be working with Liberty Financial as a preferred business partner with plans to expand its relationships over time.

Non-bank launches insurance group
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