International insurer with offices across Canada picks up staff and policyholders from company
International insurer Zurich has finalized an agreement to acquire the life insurance business of Macquarie Group.
The Swiss insurer, which boasts offices across Canada including in Calgary, Edmonton, Vancouver, Toronto and Montreal, will take on the staff and existing policy-holders of Macquarie Life. Policy-holders will eventually become Zurich customers but there will be no alterations to the conditions or terms of the coverage provided.
Macquarie Life is an Australian life business that has enjoyed strong growth over the last five years and has been described by Colin Morgan, Zurich’s Asia Pacific Global Life CEO, as a potential “major contributor to the strength and profitability” of its global life business.
Meanwhile, Greg Ward, the head of Macquarie’s banking and financial services group, has backed the Swiss company to offer a high standard of service to its customers. He suggested that the acquisition is reflective of the need for size within the country’s life insurance industry.
“Macquarie Life is a well performing business and has been recognised by the industry for its innovation and commitment to customer service,” he said. “The sale of the business reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns.
“Zurich’s expertise, global reach and customer focus mean they are ideally positioned to continue providing high quality insurance products and services to Macquarie Life customers.”
The move comes shortly after Zurich revealed plans to cut 8,000 roles across its global business following a 37 per cent fall in operating profit.
Terms of the acquisition are confidential.
The Swiss insurer, which boasts offices across Canada including in Calgary, Edmonton, Vancouver, Toronto and Montreal, will take on the staff and existing policy-holders of Macquarie Life. Policy-holders will eventually become Zurich customers but there will be no alterations to the conditions or terms of the coverage provided.
Macquarie Life is an Australian life business that has enjoyed strong growth over the last five years and has been described by Colin Morgan, Zurich’s Asia Pacific Global Life CEO, as a potential “major contributor to the strength and profitability” of its global life business.
Meanwhile, Greg Ward, the head of Macquarie’s banking and financial services group, has backed the Swiss company to offer a high standard of service to its customers. He suggested that the acquisition is reflective of the need for size within the country’s life insurance industry.
“Macquarie Life is a well performing business and has been recognised by the industry for its innovation and commitment to customer service,” he said. “The sale of the business reflects the need for significant scale in the capital intensive life insurance industry in order to drive appropriate returns.
“Zurich’s expertise, global reach and customer focus mean they are ideally positioned to continue providing high quality insurance products and services to Macquarie Life customers.”
The move comes shortly after Zurich revealed plans to cut 8,000 roles across its global business following a 37 per cent fall in operating profit.
Terms of the acquisition are confidential.
