Australia-based bank ANZ has finally completed the sale of its life insurance unit to Zurich Financial Services Australia.
Originally announced in December 2017, the sale of the unit, OnePath Life, marks the start of a 20-year agreement with Zurich. The agreement states that Zurich will provide life insurance products to relevant ANZ customers through the bank’s channels.
ANZ Group Executive Wealth, Alexis George said: “The completion of this sale demonstrates a significant step in our strategy to simplify ANZ while also providing ongoing support for our customers who want protection with life insurance solutions.
“Importantly, current ANZ and OnePath life insurance customers will continue to receive the same high quality service and solutions from Zurich, a global insurer with a strong track record of service and innovation.”
In addition, more than 500 former ANZ employees have joined Zurich as part of the deal.
Zurich Australia also recently teamed up with Fusion Specialty Insurance, a business unit of POP Insurance, to strengthen its capacity in the mergers and acquisitions (M&A) space in the Australian insurance sector.
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By GlobalDataPursuant to the terms of the underwriting agency partnership agreement, Zurich Australia will grant its underwriting authority to Fusion to write warranties and indemnities insurance on Zurich behalf in Australia.
The firm has been active in many regions worldwide. In February 2019, Zurich North America purchased Dallas-based insurtech start-up Sea Pine Technologies for an undisclosed sum.
Sea Pine Technologies, founded in 2016, specialises in digital applications for the marketing of vehicle protection products.
The acquired entity helps dealers to meet the consumer demand for automotive Finance & Insurance (F&I) products, retain customers and increase their bottom lines.
Zurich expects the acquisition to further boost its automotive F&I capabilities and strengthens its offerings to both auto dealers and car owners.
However, it is not only making purchases, but selling as well. It signed an agreement to sell its pre-2007 UK legacy employers’ liability policies portfolio to Bermuda-based Catalina Holdings.
At the end of 31 December 2017, the portfolio had gross liabilities of $2bn mainly industrial disease related claims, including asbestos.
