Russell McVeagh is pleased to have assisted the Westpac Group complete the sale of its New Zealand life insurance business to Fidelity Life this week. The $400 million sale includes a 15-year strategic alliance agreement for the exclusive provision of life insurance products to Westpac New Zealand retail customers.
Ian Beaumont, Russell McVeagh’s Corporate Partner who led the transaction, said, “It has been a pleasure assisting Westpac complete this transaction. The sale is an important milestone in Westpac’s simplification of the bank’s business model, and ensures positive outcomes over the long-term for Westpac’s customers through this strategic alliance with Fidelity Insurance (formerly Westpac Life), which is now owned by New Zealand’s largest locally owned life insurer, Fidelity Life.”
The team advising on the sale included Special Counsels Sarah McQueen and Louise Taylor, Senior Associates Isaac Stewart, Bradley Aburn and Emily Murray-Joubert, Senior Solicitor Stephanie Russell and Solicitor Ryan Howlett; as well as Partners Emmeline Rushbrook (Regulatory and Public Law); Guy Lethbridge and Senior Solicitor Simon Mackley (Banking and Finance); Fred Ward (Tax); Nathaniel Walker (Litigation); Kylie Dunn (Employment); and Joe Edwards (IP and Privacy).
The sale was first announced in July last year.