22/06/2021

Hollard Group (Hollard) has entered into an agreement with The Commonwealth Bank of Australia (CBA) to purchase its Australian general insurance business (CommInsure General Insurance), a significant player in the general insurance industry. The deal, which is subject to approval from the Australian Prudential Regulatory Authority, is expected to complete mid-next year.

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.

The team at Gilbert + Tobin was led by Corporate Advisory partner Alastair Corrigall and Technology + 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, Consumer + Market Regulation partner Charles Coorey and consultant Zoe Hodgins.

Commenting on the deal, Alastair 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”.