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Chapman Tripp Advises Resolution Life On Acquisition Of Asteron Life For NZ$410m
9 April 2024
Leading global life insurance group, Resolution Life, has entered into an agreement, through its trans-Tasman holding company, with Suncorp Group to acquire its New Zealand life insurance company, Asteron Life New Zealand.
The acquisition will provide Resolution Life with significant scale and capability in the New Zealand market, materially increasing its market presence to the benefit of customers.
The acquisition is subject to New Zealand regulatory approvals and is expected to complete within nine months.
The Chapman Tripp team was led by partner Bradley Kidd and senior associate Tom Jemson with support from partner Roger Wallis, senior solicitor Mitchell Souness and solicitor Hye-Song Goo. Specialist advice was provided by partners Tim Sherman, Marie Wisker and Lucy Cooper, along with Kara Daly, Georgina Leslie, Charlotte Montgomerie, Doug Tang, Tanzam Hossain and Alexandra Bensemann.
Bradley Kidd said, "We are delighted to assist Resolution Life with this transaction, which represents a significant next step to grow its presence in the New Zealand market. We look forward to continuing to support the Resolution Life team through to completion of the transaction and to seeing the business grow under Resolution Life’s ownership".
Alongside Chapman Tripp, KPMG acted for Resolution Life. Suncorp was advised by Bell Gully.
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