King & Wood Mallesons has advised Macquarie on the sale of its life insurance business to Zurich Australia.

Zurich Australia is owned by Switzerland-based Zurich Insurance Group, one of the world’s largest insurers.

KWM advised Macquarie on all aspects of the deal including M&A, Insurance law and the court approved scheme process to be undertaken for the implementation of the transaction.

The transaction is expected to be completed within a few months. Following completion of the transaction, Macquarie Life policyholders will become customers of Zurich.

The KWM was led by partner Evie Bruce along with partners Jim Boynton and Nathan Hodge, they were supported by senior associates Henrik Moritz, Bryony Evans and Veronica Oh and solicitors Jarred Bambridge and Emily Rich.

Commenting on the deal, KWM partner Evie Bruce said, “We are delighted to be able to support Macquarie on this significant transaction. The deal bought together cross practice KWM teams who worked together around the clock to enable our client to execute the deal within the required timeframes.”