Zurich Australian Insurance has announced plans to acquire the insurance business of OnePath General Insurance.
In its press statement, Zurich Australia noted that the companies intend to file a joint application with the Federal Court of Australia seeking confirmation of a scheme under Division 3A, Part III of the Insurance Act 1973 (Cth) for carrying out the business transfer.
Zurich said: “The confirmation hearing is scheduled for 16 November 2023, or such other date and time as the court determines. The proposed effective date of the transfer is 1 December 2023.”
On obtaining court approval, all the assets and liabilities of OnePath General, including all insurance policies issued by the company, will be transferred to Zurich Australia.
Following the business transfer, policies of OnePath General will be automatically considered as issued and managed by Zurich Australia instead of OnePath without changes in coverage of policyholders.
The proposed business transfer is part of Zurich’s strategy to better manage regulatory needs and streamline financial, operational and administrative works.
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The companies noted that the business transfer will not impact the policy terms and conditions for the policyholders, income payments, claims and customer and policy services
In August 2022, Zurich concluded the transfer and integration of OnePath Life’s life insurance business.
The move came after the court granted approval for the business transfer of all assets and liabilities, comprising all life insurance policies issued by OnePath Life, under Part 9 of the Life Insurance Act 1995 (Cth).