The Federal Court of Australia has approved the transfer of Macquarie Life’s risk business to Zurich Australia, to create the country’s fourth largest life insurer in the independent financial adviser segment.
Macquarie has transferred its risk insurance portfolio, including FutureWise, Active, and Sumo policies to Zurich which will also see Zurich bring an expanded product and services offering to market from 1 October.
Zurich said the acquisition would help its customer base grow by 60 per cent and that Macquarie Life staff would also transfer to Zurich, expanding its sales and services capacity.
Zurich’s chief executive of its life and investments business in Australia, Tim Bailey, said: “The opportunity to add to our product set — particularly the innovative Active and Sumo offerings — 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, with our award winning business development presence being added to in every mainland state,” Bailey said.
