Singapore Life to Acquire the Business Portfolio of Zurich Life Singapore
Singapore’s newest life insurer Singapore Life and Zurich Life Singapore have announced an agreement for Singapore Life to acquire the business portfolio of Zurich Life Singapore. Under this agreement, Singapore Life will become responsible for all Zurich Life Singapore’s customers’ policies, totaling approximately SGD6 billion of coverage for life, critical illness and disability benefits. The agreement follows Zurich Life Singapore’s closure to new business in December 2015.
“Singapore Life is thrilled to offer a new home to Zurich Life Singapore’s customers, and to continue enhancing their experience of owning insurance for many years to come. Singapore Life is built on the belief that technology will create a better kind of insurance company. Everybody needs life insurance and Singapore Life, being a digital insurer, makes it a better and easier experience” – Singapore Life CEO Walter de Oude .
This is similar to a strategy taken by Gryphon Group Holdings that late last year announced it is acquiring Guardian Assurance Limited. Gryphon raised £180M to launch an insurance challenger that seeks to protect more families in the UK.
Recall Singapore Life’s quote flow here.