Partners Group Holdings, the holding company of Partners Life, has entered into an agreement to acquire Fidelity Life Assurance Company, subject to regulatory approvals and other completion requirements.
A statement from the two companies notes that Fidelity Life has been part of New Zealand’s insurance sector for more than 50 years “…building longstanding relationships with customers, advisers, strategic partners and communities.”
It says Partners Life, part of Daiichi Life Group, has established a strong position in the New Zealand market through its focus on customers and advisers, innovation and capability.
Partners Life CEO, Michael Weston, said this is “…an exciting opportunity to bring together two organisations who share a commitment to helping New Zealanders by providing a range of life and health insurance solutions to meet their diverse needs and supporting the advisers and strategic partners who serve them.
If approved, the opportunity is to build a strong and sustainable future…
“If approved, the opportunity is to build a strong and sustainable future that carries forward the relationships, experience and customer commitment people value today, while creating greater capacity to invest, adapt and support customers, advisers and partners over time.”
He says it would also “…advance our purpose of building a brighter and more secure future for New Zealanders and reflect Daiichi Life Group’s confidence in, and commitment to, the New Zealand market and community.”
Fidelity Life CEO, Campbell Mitchell, said the value Fidelity Life has built over more than 50 years is grounded in its people, relationships and local experience.
“Fidelity Life is a strong business built over more than 50 years on trusted relationships, deep local experience and a commitment to doing the right thing for New Zealanders. The value we have created is grounded in our people, our customers and advisers, and the relationships we have built across the industry.”
…our focus remains firmly on supporting our customers, advisers, strategic partners and people…
Mitchell says there is still a process to work through “…but throughout it our focus remains firmly on supporting our customers, advisers, strategic partners and people.”
The proposed transaction is subject to regulatory approvals and other completion requirements. The statement notes that Fidelity Life and Partners Life will continue to operate independently as they do today.
“Customers and advisers do not need to take any action. Existing relationship channels and contacts continue as they do today,” it states.