Today is an exciting day for IAG as our Group CEO Mike Wilkins announced that IAG has agreed to purchase the insurance underwriting businesses of Wesfarmers’ Limited – which include Lumley Insurance in New Zealand.
Lumley is a strong strategic fit for IAG’s intermediated business in New Zealand as it complements NZI’s strengths and areas of focus. It will bring the combined market share of IAG’s intermediated business to around 40%.
New Zealand CEO Jacki Johnson says: “We see tremendous possibilities for the combined businesses and we’re excited about the opportunities we’ll be able to share as we look to build on the best of both businesses.
“Lumley is a well known and respected brand that we look forward to welcoming to our family.”
The acquisition is subject to all necessary regulatory approvals and is expected to be completed in the second quarter of calendar 2014.