IAG's play for RACQ Insurance raises antitrust concerns in Australia

( February 3, 2025, 00:18 GMT | Official Statement) -- MLex Summary: Insurance Australia Group’s bid to acquire 90 percent of shares in RACQ Insurance, a wholly owned subsidiary of The Royal Automobile Club of Queensland, has raised antitrust concerns for the Australian competition regulator. In a market inquiries letter today, the Australian Competition & Consumer Commission said IAG’s application also includes an option to acquire the additional 10 percent shares after two years. The regulator said that both IAG, operating in Australia and New Zealand and RACQ overlap in the manufacture and supply of “personal lines general insurance,” including home and motor insurance. The competition watchdog’s investigation will focus on the likely impact of the proposed merger on prices and quality of personal lines insurance products.The market inquiries letter published by the Australian Competition & Consumer Commission is attached:...