The Federal Court of Australia has completed the approval process of Zurich’s acquisition of Macquarie Life’s risk business, scheduled to commence on 1 October.
Zurich said in a statement the completion of the court’s regulatory approval process means the insurer can proceed with the transfer of Macquarie Life’s risk insurance portfolio, including its FutureWise, Active and Sumo policies.
Macquarie Life’s policies will be offered alongside Zurich’s existing product range, the statement said.
All Macquarie Life staff will transfer to Zurich as a result of the acquisition.
Zurich chief executive of life and investments in Australia, Tim Bailey, said the approval marks a major milestone for its Australian business.
“This acquisition sees the coming together of two businesses which share a track record of customer service excellence and a commitment to the retail advice sector,” he said.
“The opportunity to add to our product set is also an exciting one, broadening the range of solutions that are backed by our global brand strength.
“Our capability to support advisers in growing their practice and improving their own customer proposition will also be significantly strengthened.”
From the scheduled date of transfer of 1 October, Zurich said it will also assume complete responsibility for administering all in-force Macquarie Life risk insurance policies, as well as managing all new and existing claims.
Policies held by existing Macquarie Life customers will be unaffected by the transfer, the statement said.
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