Hannover Life Re of Australasia (HLR Aus), a unit of Hannover Re, has agreed to acquire the Australian direct life insurance portfolio from Swiss Re Life & Health Australia, operating under the iptiQ brand.
Financial terms of the deal remain undisclosed. The transaction is scheduled for completion within 18 months, contingent on approval by the Federal Court of Australia and other regulatory bodies.
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This move continues Swiss Re’s gradual exit from iptiQ’s business, a digital B2B2C (business-to-business-to-consumer) insurance platform, globally.
It follows Swiss Re’s agreement to sell its iptiQ European property and casualty (P&C) insurance business, iptiQ EMEA P&C, to Allianz Direct.
The deal with Allianz involves the transfer of more than 100 iptiQ EMEA P&C employees along with all existing distribution agreements.
iptiQ collaborates with insurers, banks, brokers and other consumer-facing brands to offer P&C, life and health insurance products.
HLR Aus managing director Gerd Obertopp said: “This acquisition reinforces our commitment to delivering long-term value to partners and policyholders. Ensuring uninterrupted service and stability is our top priority, with policyholders receiving the same quality coverage and service they expect.
“We look forward to collaborating with all stakeholders for a seamless transition and to ensuring that we continue to deliver positive outcomes for our clients.”
HLR Aus believes the acquisition will help “scale and strengthen” its market position.
Swiss Re Australia & New Zealand CEO Trent Thomson said: “We are confident that the new owner of our direct life insurance portfolio in Australia will serve the interests of policyholders. We remain committed to supporting stakeholders as we move through the transfer period.”
