Ashurst has acted as the legal adviser to Freedom Insurance Group (FIG) on the A$65 million acquisition of St Andrew's Group (St Andrew's) from Bank of Queensland (BOQ).

St Andrew's is a leading Australian issuer of mortgage/loan protection and simple life products. The acquisition expands FIG's manufacturing and distribution network while establishing FIG's underwriting capability.

FIG will also enter into a new three year distribution agreement with BOQ for the distribution of St Andrew's products through the BOQ network.

The acquisition will be funded through a reinsurance agreement over the existing in-force book and new debt facilities. It is conditional on a number of regulatory approvals, including from APRA.

The team was led by partner Phil Breden (Corporate) and included senior associate Scott Lai and lawyer Lauren Garrett (Corporate); partner Con Tzerefos, senior associate Jared Lynch and lawyer Stephen Moore (Regulatory); partner Rehana Box and lawyer Alex Nash (Insurance); partners Barbara Phair and Peter McCullough with senior associates Sanjay Wavde and Elke Bremner (Tax); partner Kenneth Tang (Banking and Finance); partner Jane Harvey, senior associate Emilie Maddox and lawyer Olivia McIntosh (Employment); partner Jason Cornwall-Jones and senior associate Gaby Stach (Property); partner Kellech Smith, senior associate Stuart D'Aloisio with lawyer Anna Seddon (IP); with counsel Emma Butler and senior associate Geoff McGrath (TMT).

The acquisition is expected to close in the second half of 2018.