The Federal Court of Australia has authorised the transfer of the St Andrew’s Group’s insurance and life insurance portfolios to its other business, Hallmark Insurance.
This move, which followed a scheme of arrangement, represents an internal reorganisation within St Andrew’s Insurance Group (St Andrew’s Insurance), tied to its broader corporate merger and integration strategy.
The legal proceedings were overseen by a team from global law firm DLA Piper, led by Samantha O’Brien (pictured), a corporate partner, and Natalie Caton, a litigation and regulatory partner. They were supported by senior associates Elly Brand and Ann-Marie Coleman, along with solicitors Aimee Griffin and Sara de Haan. Counsel for the case included Sonia Tame and Michael Izzo SC.
“It was fantastic to work on such a transformational project with the team at the St Andrew’s Insurance Group,” she said.
Caton noted the project’s uniqueness as a joint general and life insurance scheme in Australia.
“This was a significant and exciting scheme to be involved in, given it was the first of its kind, as a joint general insurance and life insurance scheme. It was also great to work with such highly experienced counsel in Michael and Sonia,” she said.
The court’s approval followed a comprehensive application process designed to ensure that the transfer would not negatively impact policyholders. This involved:
From July 31, all policyholder communications were transitioned to the Hallmark Insurance brand. This transfer is part of St Andrew’s Insurance strategy to streamline operations by reducing its number of active insurance licenses from four to two, a move expected to enhance efficiency and support future growth initiatives.
The company, which has been acquired by Farmcove Investment Holdings in 2020, noted that this consolidation would reduce the costs and complexity associated with managing multiple licenses, ultimately benefiting policyholders.
“As part of our business consolidation strategy, we have been focused on halving the number of insurance licenses by transferring insurance policies issued under the St Andrew’s Insurance licenses across to the Hallmark Insurance licenses. This transfer will ultimately result in the closure of the St Andrew’s licenses,” it said.
