Proposal to transfer CGU insurance licence
October 28, 2016
Today, CGU’s parent company Insurance Australia Group (IAG) announced that it has agreed to acquire Wesfarmers Insurance underwriting businesses in Australia and New Zealand, as well as enter a 10-year distribution agreement with Coles.
This acquisition, once finalised, will see the WFI and Lumley insurance businesses come together with CGU, creating the leading intermediated general insurer in Australia.
It will enhance our scale and capability to meet the needs of our customers and partners, and add valuable specialist skills and knowledge.
While there are important regulatory requirements to meet, CGU is looking forward to working with WFI and Lumley to bring our businesses together.
WFI and Lumley have a lot in common with CGU, with long and proud histories, well known and respected brands, a strong presence in SME, and a growing capability in the large corporates segment.
At CGU, we have great respect for the WFI and Lumley businesses, and the rich heritage and strong positions they have built in our industry.
This is an exciting step for CGU, and we are looking forward to working with WFI and Lumley businesses to better service our combined customer and partner base.
Chief Executive Officer