Queensland building society sells insurance business
Queensland firm The Rock Building Society has sold its commercial insurance business to Regional Insurance Brokers.
The building society announced the transaction to the Australian Securities Exchange (ASX) today, valuing the sale of the commercial and rural insurance books at $3.25 million.
It also announced it was in advanced discussions with to transition domestic and personal insurance business to an agency arrangement.
The ASX announcement said the moves were part of a restructuring to reposition the company to focus on its core capabilities as an authorised deposit-taking institution.
“This allows the company to focus on providing personal products and services within the finance and insurance sectors and its goal of being the financial services alternative of choice across regional Australia,” the announcement said.
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Mike Taylor
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