Zurich Australia is to become the country’s fourth-biggest retail life insurer after the Federal Court gave it the green light to take over Macquarie Life’s risk business.

The Swiss-owned company says it can now proceed with assuming Macquarie’s risk insurance portfolio, including FutureWise, Active and Sumo policies.

From Saturday, Zurich will start offering the newly acquired policies alongside its Wealth Protection range.

Macquarie Life staff will officially become part of Zurich’s workforce from the weekend.

“This acquisition sees the coming together of two businesses that share a track record of customer service excellence and a commitment to the retail advice sector,” Zurich Australia CEO Life & Investments Tim Bailey said.

Zurich announced the takeover – for an undisclosed amount – in March.

It says the acquisition will lift its inforce customer base by 60%.