The deal involves Western Australia-based HBF moving from manufacturing general insurance products -such as home and contents, motor and travel offerings - to solely distributing them, while CGU, with its advantages of scale, will provide the general insurance products.

Perth partner Tim Lester was the lead advisor in the deal announced 14 June. Lead lawyer Anthony Lepere was supported by the Allens insurance regulatory team headed by Sydney partner John Morgan and senior associate Simon Lewis.

Managing director of HBF Rob Bransby said the deal "made sense for HBF, its policyholders and CGU".