Daiichi Life-backed Partners Life to buy Fidelity Life in New Zealand

Financial terms of the proposed transaction were not disclosed

Partners Group Holdings (PNZ), the New Zealand holding company of Daiichi Life Group’s Partners Life, is acquiring Fidelity Life Assurance Company (Fidelity Life) for an undisclosed amount, according to a report by Life Insurance International.

Partners Life and Fidelity Life will continue operating as separate businesses as they await regulatory approvals, it added.

Both insurers also reportedly confirmed that existing relationship channels and contacts would remain unchanged. No action is required from customers or advisers, the insurers said.

Partners Life CEO Michael Weston said that the transaction, if approved, will support their longer-term ambitions in New Zealand.

Fidelity Life has operated in New Zealand for more than 50 years, according to Life Insurance International.