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Insurance

Resolution Life completes NZ$410m life business transaction

Resolution Life's trans-Tasman life insurer, Resolution Life Australasia, has completed the acquisition of Asteron Life New Zealand.

The takeover, reported last year by Financial Standard, further cements Resolution Life as the second largest life insurer in New Zealand.

New Zealand continues to be an important market for the life insurer and the expansion provides a "significant scale, capability and growth prospect" in the region, Resolution Life said.

Upon the integration, Asteron Life NZ will remain open to new business and continue to operate under the Asteron Life brand and as a standalone New Zealand licensed and incorporated life insurance company, separated from the Resolution Life brand.

The business will continue to be led by Grant Willis as chief executive and chair Simon Tyler.

Willis has overseen the business for the past five years as executive general manager at Suncorp Group, based in Auckland.

Resolution Life Australasia chief executive Tim Tez said the acquisition will prove beneficial for both businesses despite operating under separate brands.

"...and [it] reaffirms our capability in the acquisition and integration of complex transactions; working in close partnership with current owners," Tez said.

"While Asteron Life and Resolution Life will continue to operate under separate brands in New Zealand, both businesses will benefit from the combined scale, capabilities and broader reach in the local market.

"We look forward to welcoming our new colleagues, customers and advisers, and remain committed to ensuring a smooth integration process that prioritises a good experience."

Read more: Resolution Life AustralasiaAsteron Life New ZealandGrant WillisTim TezFinancial StandardSimon TylerSuncorp Group