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Hollard Group on track to buy CBA’s general insurance business
National law firm Gilbert + Tobin has advised Hollard Group on its agreement to purchase CBA’s general insurance business.
Emma Musgrave
Firms: Gilbert + Tobin (Hollard Group); undisclosed (CBA).
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Deal: Hollard Group has entered into an agreement with CBA to purchase its Aussie-based general insurance bsuiness, CommInsure General Insurance.
Value: Total undisclosed.
Area: M&A.
Key players: The team at Gilbert + Tobin was led by corporate advisory partner Alastair Corrigall and technology and digital partner Andrew Hii, with support from Muli Zhou, Isobel O'Brien and Mitch Bennett.
The team was additionally supported on the matter by intellectual property partner Lisa Lennon and lawyer Mindaugas Skavronskas, as well as competition and regulation partner Charles Coorey and consultant Zoe Hodgins, a statement from Gilbert + Tobin explained.
Deal significance: Gilbert + Tobin’s statement noted that as part of the acquisition, “a 15-year strategic alliance will be established for the distribution of Hollard’s home and motor vehicle insurance products to CBA’s retail customers in Australia”.
“The transaction includes a $625 million upfront consideration as well as additional investment from Hollard throughout the 15-year strategic alliance to enhance innovation and the customer experience,” it added.
The deal is subject to approval from the Australian Prudential Regulatory Authority (APRA) and is expected to complete mid-next year.
Commenting further on the deal, lead partner Mr Corrigall said: “We are delighted to represent Hollard on this transformational deal, that represents not only a substantial expansion of Hollard’s general insurance capabilities in Australia but also the beginning of a long-term strategic relationship with CBA”.
