Hallmark Insurance takes over St Andrew’s insurance portfolio
Hallmark Insurance takes over St Andrew’s insurance portfolio | Insurance Business Australia
Insurance News
Hallmark Insurance takes over St Andrew’s insurance portfolio
Global firm facilitates integration
Insurance News
By
Roxanne Libatique
The Federal Court of Australia has authorised the transfer of the St Andrew’s Group’s insurance and life insurance portfolios to its other business, Hallmark Insurance.
This move, which followed a scheme of arrangement, represents an internal reorganisation within St Andrew’s Insurance Group (St Andrew’s Insurance), tied to its broader corporate merger and integration strategy.
St Andrew’s Insurance Group portfolio transfer
The legal proceedings were overseen by a team from global law firm DLA Piper, led by Samantha O’Brien (pictured), a corporate partner, and Natalie Caton, a litigation and regulatory partner. They were supported by senior associates Elly Brand and Ann-Marie Coleman, along with solicitors Aimee Griffin and Sara de Haan. Counsel for the case included Sonia Tame and Michael Izzo SC.
“It was fantastic to work on such a transformational project with the team at the St Andrew’s Insurance Group,” she said.
Caton noted the project’s uniqueness as a joint general and life insurance scheme in Australia.
“This was a significant and exciting scheme to be involved in, given it was the first of its kind, as a joint general insurance and life insurance scheme. It was also great to work with such highly experienced counsel in Michael and Sonia,” she said.
close cooperation with the Australian Prudential Regulation Authority (APRA) and independent actuaries
communication with over 58,000 policyholders
collaboration with the company’s operations teams and corporate partners
From July 31, all policyholder communications were transitioned to the Hallmark Insurance brand. This transfer is part of St Andrew’s Insurance strategy to streamline operations by reducing its number of active insurance licenses from four to two, a move expected to enhance efficiency and support future growth initiatives.
“As part of our business consolidation strategy, we have been focused on halving the number of insurance licenses by transferring insurance policies issued under the St Andrew’s Insurance licenses across to the Hallmark Insurance licenses. This transfer will ultimately result in the closure of the St Andrew’s licenses,” it said.
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