Lumley and WFI cleared to be sold
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.
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