As the deal to sell Macquarie’s life insurance business to Zurich remains in process, King & Wood Mallesons (KWM) and Minter Ellison have been named as the key legal advisers for the purchase.
In a company statement, KWM said it advised Macquarie on all aspects of the deal, including M&A, insurance law and the court-approved scheme process to be undertaken for the implementation of the transaction. At the same time, Minter Ellison advised Zurich.
The KWM team was led by partner Evie Bruce along with partners Jim Boynton and Nathan Hodge.
They were supported by senior associates Henrik Moritz, Bryony Evans and Veronica Oh, and solicitors Jarred Bambridge and Emily Rich.
Ms Bruce said the KWM team was delighted to be able to support Macquarie on the transaction.
“The deal brought together cross-practice KWM teams who worked together around the clock to enable our client to execute the deal within the required time frames,” she said.
Earlier this month Risk Adviser reported that Zurich said the acquisition would result in all existing Macquarie Life policy holders becoming customers of Zurich, but added that there would be “no change to the terms and conditions of their coverage”.
Zurich further added that Macquarie Life’s products will continue to be offered to new customers under the Macquarie brand up until the completion of the sale.
Macquarie Life’s Australia-based staff will transfer to Zurich as part of the acquisition.
The acquisition is expected to be completed within the next few months.