Hannover Life Re of Australasia (HLR Aus), a subsidiary of Hannover Re, has reached an agreement to acquire the Australian direct life insurance portfolio from Swiss Re Life & Health Australia, which operates under the iptiQ brand.
While the financial details of the transaction have not been disclosed, the deal is expected to be finalized within 18 months, pending approval from the Federal Court of Australia and other relevant regulatory authorities.
This acquisition marks a continuation of Swiss Re’s global strategy to exit its iptiQ business, a digital B2B2C insurance platform. This move follows Swiss Re’s recent agreement to sell its European property and casualty (P&C) insurance business, iptiQ EMEA P&C, to Allianz Direct.
HLR Aus views this acquisition as a strategic step to “scale and strengthen” its market presence in the Australian life insurance sector.
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