Transfer of insurance business Progressive Direct Insurance Company to the Hollard Insurance Company Pty. Ltd.

Progressive Direct Insurance Company ABN 28 140 389 528 (PDIC) and The Hollard Insurance Company Pty Ltd ABN 78 090 584 473 (Hollard) intend to make an application to the Federal Court of Australia in Sydney on 3rd of November 2017 at 9:30AM or on such later date or time as the Court appoints, for the confirmation of a Scheme to transfer PDIC's Australian insurance business to Hollard under Part III, Division 3A of the Insurance Act 1973 (Cth) (Insurance Act).

UPDATE: The Application to the Federal Court of Australia in Sydney is now to be made on 10th of November 2017 at 10:30am and the Scheme Call Centre will be open until 10th of November 2017.

A Notice of Intention has been published by PDIC and Hollard and sent to policyholders and certain others affected by the Scheme. This webpage contains links to relevant documents that policyholders and others affected by the Scheme can access to help them understand the Scheme.

You can access each document by clicking on the relevant icon link.

  • Notice of Intention This is the Notice of Intention published by PDIC and Hollard notifying their intention to seek confirmation of the Scheme by the Federal Court of Australia
  • Scheme Summary This is a summary of the Scheme and how it affects policyholders and others affected by the Scheme
  • Scheme Document This is the document that will govern the transfer of PDIC’s Australian insurance business to Hollard and which the Federal Court of Australia will consider
  • Actuarial Report This is a document prepared by Finity Actuarial and Insurance Consultants that considers certain financial and actuarial matters associated with the Scheme
  • Transfer Agreement This is the formal agreement between PDIC and Hollard under which PDIC agrees to sell, and Hollard agrees to purchase, PDIC’s Australian insurance business
  • Actuarial Report - Supplementary Letter This letter should be read together with the Actuarial Report and is an update on the financial and actuarial matters associated with the Scheme

If you have any questions, you can call the Scheme Call Centre on 1800 776 473 from 9:00am to 5:00pm (Australian Eastern Summer Time), Monday to Friday until 3rd of November 2017.

The above documents have been provided by PDIC and Hollard to the Australian Prudential Regulation Authority (APRA) and the Federal Court of Australia.

However, neither APRA nor the Court has approved or verified the content of these documents nor formed any view on whether the Scheme (or any transaction contemplated by the Scheme) should be approved by any person (including APRA or the Court).