IAG buys Wesfarmers underwriting business for $1.85 billion

 In Australia, Coles, NewZealand
Wesfarmers has agreed to sell its Australian and New Zealand insurance underwriting operations to Insurance Australia Group (IAG) for $1.85 billion, representing a $700 million profit over book value.
The underwriting operations include commercial lines of business, including the Lumley and WFI brands, and a fast-growing personal lines business which is sold through the Coles Insurance affinity partnership.
Managing director Richard Goyder said Wesfarmers had received a number of expressions of interest for the Insurance division’s underwriting operations and a decision had been taken to pursue confidential discussions with several parties.  Sydney Morning Herald – Read more…

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