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IAG's play for RACQ Insurance approved by Australian antitrust watchdog

( May 21, 2025, 23:55 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 been cleared by the competition watchdog. In a statement today, the Australian Competition & Consumer Commission said the regulator’s investigation had found that alternative suppliers of home and contents insurance and motor insurance would “continue to compete with and provide a competitive constraint on IAG after the acquisition.” Both IAG, operating in Australia and New Zealand, and RACQ overlap in the manufacture and supply of personal general insurance, including home and motor insurance. The regulator said that it found that RACQI has been losing its market share since 2019.The full statement by the Australian Competition & Consumer Commission follows:...

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