The Federal Court of Australia has approved the transfer of Macquarie Life’s risk business to Zurich Australia Limited paving the way for the creation of the fourth largest life insurer in IFA market.
The approval, granted yesterday, will result in the planned completion of the acquisition by 1 October at which time Macquarie Life’s risk insurance portfolio, including FutureWise, Active and Sumo policies, will move across to Zurich to be offered alongside the latter’s existing Wealth Protection product range.
Macquarie Life staff will also transfer to Zurich from that date with some transitions into new senior roles at Zurich having already been announced in the lead-up to the transfer. The staff transfer will accompany a growth in Zurich’s inforce customer base that will grow 60% as a result of the acquisition.
From 1 October, Zurich will also assume responsibility for administering all in force Macquarie Life risk insurance policies as well as managing all new and existing claims. Current customers of Macquarie Life will not be required to take any action with the terms and conditions of cover, its cost, and their chosen payment method all unaffected by the transfer.
Zurich Life and Investments Chief Executive Officer, Tim Bailey said the Court approval boosted the growth trajectory of Zurich brings together two businesses with a track record of customer service excellence and a commitment to the retail advice sector.
“Our capability to support advisers in growing their practice and improving their own customer proposition will also be significantly strengthened, with our award winning Business Development presence being added to in every mainland state,” Bailey said.
