Hannover Life Re of Australasia (HLR Aus), a unit of Hannover Re, has agreed to acquire the Australian direct life insurance portfolio from Swiss Re Life & Health Australia, operating under the iptiQ brand.
The financial terms of the deal remain undisclosed. The transaction is scheduled for completion within 18 months, contingent on approval by the Federal Court of Australia and other regulatory bodies.
This move continues Swiss Re’s gradual exit from iptiQ’s business, a digital B2B2C insurance platform, globally.
It follows Swiss Re’s agreement to sell its iptiQ European property and casualty (P&C) insurance business, iptiQ EMEA P&C, to Allianz Direct.
HLR Aus believes the acquisition will help “scale and strengthen” its market position.