Proposal to transfer CGU insurance licence
October 28, 2016
The Australian Competition and Consumer Commission (ACCC) has today confirmed it has no objection to our parent company Insurance Australia Group Limited (IAG) acquiring Wesfarmers' insurance underwriting businesses in Australia.
This is a significant milestone towards completing the transaction announced in December, which will see the WFI and Lumley insurance businesses come together with CGU.
In Australia the transaction still requires approval from the Australian Prudential Regulation Authority (APRA) and the Federal Treasurer. Subject to these approvals, we expect it will be completed by 30 June. Until then we remain separate legal entities and it is very much business as usual for each organisation.
We are looking forward to working with the Wesfarmers’ Australian insurance underwriting team to bring our businesses together and provide the best of our combined business for customers and partners.
Chief Executive Officer
Visit the IAG website for more details on the acquisition.