IAG has said it is still too soon to discuss how Wesfarmers’ underwriting business will be integrated into the company.
IAG last week received the seal of approval from the Australian Competition and Consumer Commission for the acquisition of Wesfarmers’ underwriting arm, as Wesfarmers’ underwriting personal products does not “materially change competitive dynamics”.
It was hoped that in the aftermath of the decision, IAG would disclose further details about incorporating Wesfarmers into IAG but a spokesman said that it still could not discuss how
Lumley and WFI would be integrated into the business, and what will happen to staff.
He told
Insurance Business: “We are pleased to get ACCC approval which is a significant step forward but further approvals are still required and it’s premature to address integration planning at this time.”
IAG has said Wesfarmers’ underwriting arm is to somehow be integrated into the CGU business.
IAG is awaiting approval from APRA and the Federal Treasurer in Australia, as well as the New Zealand Commerce Commission and the Reserve Bank of New Zealand.
