Rei Super has ended its long-term relationship with group insurer Hannover Re, opting for another provider following a tender.

The $700 million industry fund for employees in the property services sector has enlisted MetLife as its group insurance provider. The arrangement took effect on February 1. Mal Smith, Rei Super fund secretary, said the fund had used Hannover Re as its members’ insurer for more than 10 years. Compared to the existing Hannover Re product, the MetLife offering promised a 57 per cent increase in the amount of cover available to members paying a default one dollar per week, Smith said. “The value of the cover offered for the same premium has been enhanced substantially. The MetLife deal was particularly sharp.” According to Smith, the insurance market had become increasingly competitive in recent months, and providers were offering more agreeable levels of cover than in previous years. The tender was run by Professional Financial Solutions and consulting actuary Bill McRobert.