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Qld super fund establishes insurer
Two firms have advised on the launch of a Queensland life insurance company by a superannuation fund.
Stefanie Garber
Firms: Thomson Geer (QSuper); Clyde & Co (QInsure)
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Deal: QSuper launched its own life insurance company QInsure.
Value: Confidential
Area: Superannuation
Dealmakers: The Thomson Geer team was led by partner Scott Charaneka, who was supported by partners Stanley Drummond and Philip Byrnes.
Deal significance: QSuper received approval from the prudential regulator (APRA) to establish QInsure in May 2016.
QInsure will operate as a wholly owned life insurance company with a separate independent board, marking the first time a superannuation fund trustee has created an insurance business to manage members' insured benefits, according to a statement from Thomson Geer.
QSuper is the largest superannuation fund in Queensland, and the fourth largest in Australia, managing more than $60 billion in retirement savings for 55,000 members, the statement said.
Thomson Geer partner Scott Charaneka said the transaction was a milestone for the superannuation sector.
"I am excited to have worked with QSuper on this historic deal, which may play such a significant role in advancing Australia's superannuation landscape," he said.
