Colin Morgan

Zurich Australia Limited has announced it has entered into an agreement to acquire Macquarie Life’s life insurance business from the Macquarie Group (Macquarie).

The transaction is subject to regulatory and court approvals, and is expected to be completed in the second half of the 2016 calendar year. Mr Colin Morgan, Zurich’s Asia Pacific Global Life CEO said “Our Australian life business has experienced strong growth – over the last 5 years in particular – and is a major contributor to the strength and profitability of Zurich’s Asia Pacific regional Global Life business.

“Our growth ambitions in the Asia Pacific region are underpinned by a strategy which drives value from our balanced portfolio of growth and mature markets and leverages our distinctive capabilities across the region.

“This acquisition accelerates that strategy”, said Mr Morgan. Mr Tim Bailey, CEO of Zurich’s Life and Investments business in Australia, said,

“Macquarie Life is a highly regarded business with a strong brand and a well-deserved reputation for excellence in product development and service. “The acquisition is consistent with our long term strategic intent in terms of our Australian market presence and our overall proposition as an innovative, customer-focussed life insurer. “The acquisition will enhance both our scale and overall capability and will allow us to further strengthen the proposition which has been a key driver of our recent growth trajectory.

Mr Bailey said an immediate priority would be providing both the staff and customers of Macquarie Life with certainty and continuity. As part of the agreement, Macquarie Life’s Australian-based staff will transfer to Zurich.

Existing Macquarie Life policyholders will ultimately become customers of Zurich, with no change to the terms and conditions of their coverage.

Macquarie Life’s products will continue to be offered to new customers under the Macquarie brand up until the completion of the sale.

Zurich is fully owned by Zurich Insurance Group Ltd, a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia Pacific and the Middle East.

The Zurich Group was founded in 1872 and is headquartered in Switzerland. It employs approximately 55,000 people, serving customers in more than 170 countries.

Zurich Insurance Group Ltd is listed on the SIX Swiss Exchange with a current market capitalisation of over USD 33 billion (AUD 44 billion).

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Colin Morgan

Zurich Financial Services Australia (Zurich) yesterday announced the appointment of Mr. Colin Morgan to the role of Chief Executive Officer, Global Life, for the Asia Pacific region.

In this role, Mr. Morgan, currently CEO of Zurich’s Australian Life and Investments business, will assume responsibility for delivering Zurich’s Global Life strategic priorities and initiatives in the Asia Pacific region, including Australia.

Zurich Financial Services Australia Chairman Mr. Terry Paradine thanked Mr. Morgan for his leadership and vision in successfully repositioning the Australian Life and Investments business.

”Since joining Zurich in 2009, Colin and his leadership team have done an exceptional job in executing Zurich’s Global Life strategy in Australia.

“Over that time he has overseen a period of extraordinary growth in revenues, customer satisfaction and profitability.

“As Regional CEO, Colin will retain strong oversight of the Australian life and investments business, which has grown to become one of the key drivers of revenue within Asia Pacific,” said Mr. Paradine.

Mr. Morgan will take up his new role on January 1^st 2015, and will be based in Hong Kong.

Replacing Mr. Morgan as CEO, Life and Investments Australia, will be Mr. Tim Bailey, currently Chief Risk Officer (CRO) for Zurich’s Global Life business.

Mr. Bailey has extensive experience in the Zurich Group, built in the areas of Strategy, Risk Management and Finance. As CRO Global Life, he has significantly enhanced the capabilities of Zurich’s Risk teams across Global Life, strengthening their commercial focus and impact into the business.   Prior to this, Mr. Bailey was Head of Strategy for Global Life.

In welcoming Mr. Bailey to the Australian team, Mr. Paradine said “Tim’s strong strategic background and leadership skills see him well equipped to build on the strong platform of growth and profitability existing within the Australian life and investments business”.

Mr. Bailey will relocate to Australia from his current base in Zurich and will report through to Mr. Morgan. His appointment takes effect from January 1^st 2015.

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Brad Fox

The Association of Financial Advisers (AFA) has named the finalists in the prestigious 2013 AFA Adviser of the Year Award (the Award), proudly supported by Zurich.

The Award, now in its 11^th year, recognises leadership, advocacy and innovation in the financial services industry and is proving there is no shortage of professional financial advisers striving for success at an individual and industry level.

AFA CEO, Brad Fox, said the six finalists had undergone a rigorous 360-degree assessment process. “The finalists are judged on education, experience and contribution to the industry,” he said.

This includes elements such as the use of technology and processes in their business, their client feedback process, complaints handling procedures, business cashflow management and business planning techniques.

“This is an opportunity to not only recognize the outstanding abilities of the final six, but also to acknowledge the significant number of nominations for the Award from right across Australia,” Mr Fox said. “The nominations are becoming more difficult to judge each year, with many more advisers demonstrating their skills and talents and providing an example for others to emulate.”

Colin Morgan, CEO of Zurich’s Life and Investments business, sponsors of the Award since its inception in 2003, said the industry has experienced significant change and this year’s finalists demonstrate the exceptional standard of advice that continues to be delivered to clients.

“The finalists have seemingly done the impossible, adapting to a changing environment while continuing to reach the pinnacle of professional self-development and client centricity,” he said. “Zurich is delighted to continue championing adviser excellence by sponsoring the Award for the 11^th year running.”

The 2013 AFA Adviser of the Year will be announced on Tuesday, 15 October 2013 at the AFA National Conference at the RACV Royal Pines Resort on the Gold Coast.

The six finalists are:

• Justine Back, Back to Back Financial Planners, New South Wales
• Jenny Brown, JBS Financial Strategists, Victoria
• Kylie Wright, Ulton Financial Planning, Queensland
• Mark Rando, Rando & Associates, Western Australia
• Rory Mooney, Wealth By Design, South Australia
• William Bracey, Sydney Financial Planning, New South Wales

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