Hannover Re to acquire Swiss Re’s Australian direct life portfolio
Hannover Life Re of Australasia (HLR Aus), a unit of Hannover Re , has agreed to acquire Swiss Re Life & Health Australia’s direct life insurance portfolio, previously sold under the iptiQ brand. The deal, expected to close within 18 months, is subject to regulatory and court approvals.
The move marks Swiss Re’s continued exit from iptiQ’s global operations, following its sale of the iptiQ EMEA P&C business to Allianz Direct . HLR Aus says the acquisition will strengthen its market position while ensuring continuity for policyholders. Terms of the transaction were not disclosed.
“I’m pleased to announce that we have signed an agreement to sell our iptiQ Australian business to Hannover Re, pending regulatory approvals. This agreement signifies iptiQ’s complete exit from the APAC region and is another milestone in fulfilling Swiss Re’s strategy to gradually withdraw from the iptiQ business. Congratulations to our teams for their hard work and best wishes to Hannover Re on their new acquisition.” –
