Daiichi Life-owned Partners Group will acquire New Zealand insurer Fidelity Life Assurance, subject to regulatory approvals and other requirements.

The proposed deal is valued at about $NZ630 million ($513 million), according to New Zealand media reports.

Partners Group is the holding company of Partners Life, which was started in 2011.

Partners Life CEO Michael Weston says the deal is an opportunity to “build a strong and sustainable future that carries forward the relationships, experience and customer commitment people value today, while creating greater capacity to invest, adapt and support customers, advisers and partners.”

The two companies will continue to operate independently.