Proposed transfer of the insurance business of OnePath General Insurance Pty Limited to Zurich Australian Insurance Limited
OnePath General Insurance Pty Limited (OnePath General) and Zurich Australian Insurance Limited (Zurich) give notice of their intention to make a joint application to the Federal Court of Australia (the Court) seeking confirmation of a scheme (the Scheme) under Division 3A, Part III of the Insurance Act 1973 (Cth) to transfer the insurance business of OnePath General into Zurich.
The confirmation hearing is scheduled for 16 November 2023, or such other date and time as the Court determines. The proposed effective date of the transfer is 1 December 2023.
Should the Scheme be confirmed, OnePath General policies will be treated as if they had been issued and administered by Zurich rather than OnePath General.
This consolidation of Zurich Australia’s two general insurers will assist us in managing our regulatory requirements more efficiently and simplify financial, operational and administrative processes.
For further information, and to access the Scheme documents, visit www.onepath.com.au/general-scheme or www.zurich.com.au/general-scheme
-ENDS-
For media enquiries contact:
Isabella Molinari
Media and External Relations Manager
+61 401 105 653
media@zurich.com.au
Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the organisation provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands. Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded more than 150 years ago, which has grown into a business serving more than 82 million customers in more than 200 countries and territories, while delivering industry-leading total shareholder returns. Reflecting its purpose to ‘create a brighter future together,’ Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project supports reforestation and biodiversity restoration in Brazil’s Atlantic Forest. The Group has more than 65,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.