In a statement, the company said the new leadership model “reinforces Zurich’s commitment to a dual proposition strategy” which will allow Zurich and OnePath Life brands to operate simultaneously within the market.
The combined business will be helmed by current life and investments chief executive Tim Bailey, with ANZ’s managing director of insurance Gavin Pearce and head of corporate affairs and strategy Linda Griffin taking on the roles of chief operating officer and head of customer and corporate affairs respectively.
Zurich chief distribution officer Kristine Brooks has been appointed to head the distribution and marketing teams, and Zurich head of savings and investments Matthew Drennan will remain in his current role.
Zurich APAC chief executive Jack Howell said the acquisition demonstrated a “commitment to the Australian life insurance market”.
“Upon completion of the acquisition, the newly combined business has an opportunity and a responsibility to take the local industry forward, investing and innovating to deliver ever better customer outcomes,” Mr Howell said.
“This transaction brings together two highly successful businesses, each with a strong brand heritage and loyal customers. The senior leaders of both businesses are amongst the most talented and respected in the industry.”
