Trades Insurance Online
Australia's leading Online Trades Insurance resource
Nippon Life, based in Japan, aims to gain full ownership of Bermuda-headquartered Resolution Life. This entity, known locally as Resolution Life Australasia, found its place in the Australian market after acquiring the AMP life business in 2020. Nippon Life already has a minority share in the Bermuda operations, extending its reach into the UK and US markets.
The newly formed company, Acenda, promises to be a significant force in Australia's insurance landscape. MLC predicated in a statement, "Acenda will therefore become one of Australia’s largest life insurance corporations." This transaction anticipates completion in the latter half of the upcoming year, contingent on receiving regulatory approvals.
An additional agreement will see Nippon Life purchasing NAB’s remaining 20% stake in MLC for $500 million. NAB had initially sold the majority 80% of its shares to Nippon Life in 2016. The closure of this transaction is tied to the successful completion of Resolution Life’s acquisition deal.
"The Resolution Life acquisition creates a timely opportunity for NAB to divest its residual stake in MLC Life Insurance," the bank commented regarding its strategic realignment.
Post-acquisition, Nippon Life’s expanded Australian enterprise is projected to serve approximately two million customers. Hiroshi Shimizu, Nippon Life’s president, underscored the focus on customer satisfaction by stating, "Acenda, integrated within the global Nippon Group, will strongly adhere to its ‘customer first’ ethos."
Joining these sentiments, MLC Life Insurance’s chair, Peter Grey, highlighted the benefits of the merger, suggesting it would enable "the development of superior products to satisfy the evolving demands of our clients and collaborators. We anticipate fostering growth and innovation under the Acenda brand."
Resolution Life's chairman Clive Cowdery praised this merger as a groundbreaking advancement for Australia’s life insurance industry. “With Nippon Life’s substantial investment and Resolution Life’s expertise, we aim to position ourselves among the top three leaders in the Australasian market,” Cowdery elaborated.
The rebranding to Acenda is set to begin with MLC Life Insurance, followed by Resolution Life Australasia once the merger is finalized. Meanwhile, Resolution Life’s acquisition of New Zealand’s Asteron Life from Suncorp, announced earlier in 2024 for $372 million, will continue as planned.
Resolution Life stated, "The New Zealand market remains a strategic focus, following the agreement with Suncorp Group’s Asteron Life New Zealand acquisition. Pending regulatory consent, Asteron Life will remain open for business, retaining its established brand identity and independent operation."
These developments were originally reported by Insurance News Magazine and highlight dynamic shifts in the insurance landscape.
Published:Wednesday, 18th Dec 2024
Source: Paige Estritori
| Building Resilience: ICA Aligns Floods Inquiry Plan 19 Dec 2024: Paige Estritori The Insurance Council of Australia (ICA) is strategically addressing the recommendations from recent inquiries into flood responses and code of practice in its latest updates. Acknowledging the variety and complexity of the suggestions, ICA supports 78 out of the total recommendations presented, tackling them in a staged and structured manner. - read more |
| Major Acquisitions Shake Up the Australian Life Insurance Sector 18 Dec 2024: Paige Estritori In a significant move estimated at $13 billion, MLC Life Insurance and Resolution Life’s subsidiaries in Australia and New Zealand are set to merge. This development is part of an acquisition involving Nippon Life, a major player in the global insurance industry. - read more |
| Sure Highlights Coverage Gaps in Cyclone Zones 17 Dec 2024: Paige Estritori An alarming gap in insurance coverage has been spotlighted by Queensland underwriting agency, Sure, as it drew attention to underinsurance among cyclone-susceptible areas. Their comparison of coverage across the state reveals stark contrasts that could have dire consequences for residents. - read more |
| Term Life Insurance Fuels Customer Grievances 13 Dec 2024: Paige Estritori New insights from the Australian Securities and Investments Commission (ASIC) highlight that term life insurance sparked the most grievances among consumers last financial year. ASIC's newly released internal dispute resolution report indicates that 41% of the complaints were linked to term life policies. - read more |
| Car Theft Case: Ignition Key Slip Leads to Unexpected Payout 13 Dec 2024: Paige Estritori A recent ruling has shed light on an insurance predicament where a policyholder’s vehicle was taken directly from outside his house while the ignition key remained in the car. Despite this oversight, the couple involved managed to secure compensation for the incident. - read more |
| How Public Liability Insurance Protects Your Trades Business Public liability insurance is a type of coverage designed to protect businesses against claims of property damage or personal injury caused by their work. This type of insurance is essential for trades professionals, as it provides financial protection against legal and compensation costs arising from incidents related to their services. - read more
|
| Top 10 Common Insurance Claims for Australian Tradespeople: What You Need to Know Insurance is a crucial safety net for tradespeople, protecting against unforeseen mishaps that can disrupt their work and finances. Whether you're a carpenter, electrician, plumber, or any other skilled trade professional, having the right insurance can make a significant difference in your business continuity and peace of mind. - read more
|
| Why Income Protection Insurance is Crucial for Tradespeople In the trades industry, unexpected events and accidents can happen at any time. Injuries and illnesses can prevent you from working, potentially leaving you without a steady income. Insurance is a crucial safeguard that helps protect against these uncertainties, ensuring that you can continue to meet your financial obligations, even when you're unable to work. - read more
|
| 5 Common Budgeting Mistakes Small Trade Businesses Should Avoid Budgeting is one of the most crucial aspects of running a small trade business. Without a proper budget, it's easy to lose track of your expenses and revenues, leaving you in a financial mess. This can be especially challenging for small trade businesses where margins are often tight, and a minor miscalculation can lead to significant issues down the line. - read more
|
| How Tradespeople Can Maximize Tax Deductions Through Insurance Tradespeople work hard to earn their income, often facing unique expenses that can impact their bottom line. Understanding and maximizing tax deductions is crucial for minimizing these costs and keeping more of what they earn. By making informed decisions about expenses, tradespeople can significantly reduce their taxable income. - read more
|
|
|
Top 10 Common Insurance Claims for Australian Tradespeople: What You Need to Know Insurance is a crucial safety net for tradespeople, protecting against unforeseen mishaps that can disrupt their work and finances. Whether you're a carpenter, electrician, plumber, or any other skilled trade professional, having the right insurance can make a significant difference in your business continuity and peace of mind. - read more
|
|
How to Choose the Right Trades Insurance: Comparing Insurer Perks Being a tradesperson in Australia comes with its own unique set of risks. Whether you're an electrician, plumber, carpenter, or builder, having the right insurance coverage is crucial for protecting your livelihood and your peace of mind. Without adequate insurance, you could be financially devastated by accidents, theft, or property damage. - read more
|
|
How to Choose the Best Commercial Vehicle Insurance for Your Trade Business For tradespeople, protecting your tools and equipment is crucial. These are not just tools; they are the backbone of your business. Without them, you can't complete jobs, meet client expectations, or generate income. This includes your Vehicle. - read more
|
|
|
How Tradespeople Can Maximize Tax Deductions Through Insurance Tradespeople work hard to earn their income, often facing unique expenses that can impact their bottom line. Understanding and maximizing tax deductions is crucial for minimizing these costs and keeping more of what they earn. By making informed decisions about expenses, tradespeople can significantly reduce their taxable income. - read more
|
|
Protecting Your Tools and Equipment: A Tradesperson's Insurance Checklist As a tradesperson, your tools and equipment are your livelihood. They are essential for performing your job efficiently and effectively. - read more
|