Recreational boat insurer Club Marine has announced it will pull out of the New Zealand market.

It says the decision follows the withdrawal from the market of a number of businesses by its parent company Allianz.

The business has affirmed its commitment to the Australian market, where it has been in operation for more than 50 years and is the largest provider of pleasure craft insurance.

CEO Karen Te Maipi told insuranceNEWS.com.au the decision to exit the New Zealand market “follows the withdrawal of a number of Allianz businesses from New Zealand earlier this year, with Allianz being the New Zealand financial services licence holder for the group”.

Club Marine will stop offering new business policies in New Zealand from December and will no longer renew existing policies.

It will continue to manage current policies until their expiry date, including claims and servicing queries.