Zurich Australia will purchase the life insurance business of the Macquarie Group \u00a0– Macquarie Life \u2013 with the deal expected to be completed by the second half of this year.<\/p>\n
The two groups announced they have entered into an arrangement, but have not disclosed the terms, which will see Macquarie Life\u2019s Australian-based staff transferring to Zurich once the deal has passed regulatory and court approvals.<\/p>\n
Zurich Asia Pacific, Global Life, Chief Executive Colin Morgan<\/strong> said Zurich\u2019s Australian life business had grown strongly in the past five years and the group\u2019s growth strategy in the Asia Pacific region would be accelerated by the acquisition of Macquarie Life.<\/p>\n Zurich, Life and Investments, Chief Executive Tim Bailey<\/strong> said the acquisition would enhance Zurich\u2019s scale and overall capability with the first priority to provide staff and customers of Macquarie Life with certainty and continuity.<\/p>\n Current Macquarie Life policyholders will become customers of Zurich, which will honour all obligations under new and existing policies, but Macquarie Life products will still be sold to new customers under the Macquarie brand up until the completion of the sale.<\/p>\n Macquarie, Head of Banking and Financial Services, Greg Ward<\/strong> said the Macquarie Life, which is part of its Banking and Financial Services Group was a well performing business and \u201cthe\u00a0sale of the business\u00a0reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns.”<\/p>\n \u201cZurich\u2019s expertise, global reach and customer focus mean they are ideally positioned to continue providing high quality insurance products and services to Macquarie Life customers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Zurich Australia will purchase the life insurance business of the Macquarie Group \u00a0– Macquarie Life \u2013 with the deal expected to be completed by the second half of this year.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259,48],"tags":[],"class_list":{"0":"post-32622","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking","7":"category-company-news"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=32622"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32622\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=32622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=32622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=32622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}