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Zurich's Australian unit completes approval process to buy Macquarie's life biz

ZurichInsurance Group Ltd. unit Zurich Australian Insurance Ltd. completed the court andregulatory approval process for its acquisition of Macquarie Group Ltd.'s life insurance business.

The company said Sept. 23 that the Federal Court ofAustralia approved the transfer of Macquarie Life's risk insurance portfolio, includingFutureWise, Active and Sumo policies, to Zurich Australian Insurance.

The transfer is planned for Oct. 1. On the same day, ZurichAustralian Insurance plans to offer FutureWise, Active and Sumo policies andwill also assume responsibility for administering all in-force Macquarie Liferisk insurance policies, including FutureWise, Active and Sumo policies, aswell as managing all new and existing claims.

In addition, Macquarie Life staff will transfer to ZurichAustralian Insurance, expanding the latter's sales and service capacity.