Prime Super has appointed CommInsure as its insurance partner and has also awarded a mandate to multi-asset manager PineBridge.

CommInsure was selected as the super funds new group insurer after a competitive tender process, with the partnership to take effect from May 1, 2016.

Lachlan Baird, chief executive officer of Prime Super, said the goal in reviewing its insurance provider was to simplify and streamline the fund’s offering, to improve the sustainability of premium pricing for members and to ensure an appropriate level of cover was offered.

“Prime Super has recently undertaken a significant rebranding process to modernise the look and feel of the fund as well as emphasise the core value of the fund, where the best interests of members are at the heart of everything we do. These new insurance arrangements deliver on the core values of the fund,” Baird said.

He added that PineBridge was selected for the mandate as it had a strong investment process, the team was stable and talented, and it was a good fit for the alternative growth portfolio needs at Prime Super.

PineBridge’s investment objective is to achieve attractive absolute return primarily through managing asset allocation market exposure. The objective is to deliver an investment return of CPI + 5 per cent per annum before fees, over rolling five-year periods.

The strategy was launched in 2002 and PineBridge claims it has historically provided half to two-thirds global equity market risk for better than global equity returns. The Australian unit trust was launched in July 2014 and as of October 31, 2015, the wholesale share class returned 15.94 per cent annualised gross (14.07 per cent net of fees) since inception.