Hannover Re Acquires Swiss Re's Australian Insurance Portfolio

Swiss Re's digital insurance unit, iptiQ, has reached an agreement to sell its Australian business to Hannover Re, a move that will see iptiQ exit the Asia-Pacific region entirely. This sale aligns with Swiss Re's broader strategy to reduce its involvement in the iptiQ business, following a similar agreement to sell its European property and casualty business to Allianz Direct. The acquisition, which is subject to regulatory approvals, is expected to enhance Hannover Re's market position and ensure continuity for policyholders. HLR Aus Managing Director Gerd Obertopp emphasized the commitment to maintaining service quality during the transition. Swiss Re's Australian CEO, Trent Thomson, expressed confidence in Hannover Re's capability to serve the interests of policyholders during this change. Financial terms of the deal have not been disclosed, but completion is anticipated within 18 months.