Lumley and WFI cleared to be sold

insurance/ACCC/chief-executive/

20 June 2014
| By Staff |
image
image
expand image

The WFI and Lumley Insurance brands will formally shift to the Insurance Australia Group (IAG) after the latter received regulatory approval for the purchase of those businesses from Wesfarmers Limited. 

Wesfarmers had agreed in December 2013 to sell its insurance underwriting business to IAG for $1.845 billion, with the deal containing a ten-year distribution agreement with Coles which is also owned by Wesfarmers. 

The sale is expected to be concluded by 30 June this year after the Acting Assistant Treasurer Matthias Cormann granted regulatory approval to the deal. 

IAG received regulatory approval in early May to purchase the New Zealand underwriting operations of Wesfarmers while the Australian Competition and Consumer Commission (ACCC) signed off on the deal in March. 

IAG managing director and chief executive Mike Wilkins said the way was now clear to complete the acquisition which would boost its commercial lines in Australia and New Zealand.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND