Australia: Zurich Re is acquiring Macquarie Life Insurance

Zurich Re has managed to reach agreement with Macquarie Life for the takeover of Australian insurer by the Swiss group. Macquarie Life’s insured will  become Zurich’s clients without modification of the terms of their insurance policies. This move is consistent with Zurich’s ambitions in the region.

Life insurance in Australia has grown considerably in recent years. Macquarie Life exhibited sound performance on the market and it has been praised for its innovation capacities and for its commitment towards customers.

The amount of the transaction has not been disclosed. Zurich is trying to get out of an acute internal crisis following the announcement of a dismissal plan involving 8000 staff members and the decrease of 37% of its profits during last year.