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IAG's bid for RACWA will require Australian clearance, insurance company says

( May 16, 2025, 03:02 GMT | Official Statement) -- MLex Summary: Australian insurer Insurance Australia Group has announced it will enter into a strategic alliance for the Royal Automobile Club of Western Australia to provide general insurance products for local members, with the deal involving IAG’s purchase of the RAC Insurance business for A$400 million ($256.64 million). In a statement to the Australian Securities Exchange, IAG set the value of the distribution and brand-licensing agreement at A$950 million. The Australian Competition & Consumer Commission is expected to launch a public review of the deal. The watchdog is already conducting a public review of IAG’s play for RACQ Insurance.The IAG statement to the Australian Securities Exchange is attached, along with a statement from RACWA. ...

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