The proposed transaction is expected to deepen cooperation between the companies across group medical and general insurance, subject to the satisfaction of multiple closing conditions.
The Bermuda insurer, backed by OpenAI’s Sam Altman, has now raised more than US$180m as demand for its policies rises in Asia, Europe and the Middle East.
Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
Subramanian also pushed back against claims that the overhaul would lead to widespread job losses, adding that reforms would expand the distribution network.
The insurers have been ordered to overhaul compensation structures, strengthen sales oversight and submit externally reviewed remediation plans by November.
External committee linked sums to 159 current and former staff and 794 customers, and said it found structural failings in sales management, culture, and governance.
