| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 February 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of the shares in Cigna New Zealand Holdings Limited |
| Consideration | $821,000,000 |
| Applicant | Chubb International Investments Limited USA 86.42%; Various regions 13.58%. |
| Vendor | Cigna Hong Kong Holdings Company Limited USA 99.99%; Various regions 0.01%. |
| Background | Chubb is the world’s largest publicly traded property and casualty insurer, and Asia Pacific is one of Chubb’s fastest growing markets. The Applicant is an indirectly wholly owned subsidiary of Chubb. The transaction is the purchase of the life, accident and supplemental benefits businesses (in seven countries including New Zealand) of the Cigna Group. The New Zealand component of the Transaction comprises the acquisition of 100% of the shares in Cigna New Zealand Holdings Limited; and as a result, indirect acquisition of all of the shares in its wholly owned New Zealand subsidiaries: Cigna Life, Cigna Sub and OnePath. The Applicant has satisfied the investor test criterion. |
| More information | Tim Tubman Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |
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