Risk Company Update

Company Updates

Chant West and Zenith agree on purchase, after all

Chant West has put away its legal proceedings against Zenith as Chant West has returned to the negotiating table after an agreed acquisition. A business sales agreement was made and confidential court proceedings settled. Brendan Burwood, Chant West’s chief executive, will exit the business.

MetLife appointed as Qantas Super group insurer

As of 1 August 2020, Qantas Super members will be insured by MetLife instead of MLC, and see increased premiums. Qantas Super said the premium increase is due to the risk of more people making claims during the pandemic across some types of cover, in place by the insurer (not Qantas Super). The annual premium rate is to increase, almost doubling for some members, especially older members.

Sequoia buys advice firm Total Cover Australia

A purchase of assets agreement has been made between Sequoia and advice firm, Total Cover Australia (via its subsidiary, InterPrac Securities). Sequoia has now bought four retiring InterPrac advisers’ portfolios in the past three years, with other opportunities being sought in New South Wales and Queensland.

Westpac’s BT awards group insurance mandate to AIA Australia

AIA Australia is the new group insurer for Westpac’s BT super, away from Westpac Life Insurance Services. The changes apply to BT Super and BT Super for Life members, along with the Westpac Group super plan. There is no change to fees. The life insurance arm of Westpac was deemed to lack scale in a review.