NZCC clears IAG’s acquisition of Lumley Insurance

Insurance Australia Group Limited (IAG) has received clearance from the New Zealand Commerce Commission (NZCC) for its acquisition of Wesfarmers’ Lumley Insurance business in New Zealand.

IAG’s Managing Director and Chief Executive Officer, Mr Mike Wilkins, said the decision was a further significant step towards IAG successfully completing the acquisition of Wesfarmers’ insurance underwriting businesses. The Australian Competition and Consumer Commission announced on 26 March 2014 that it would not oppose IAG’s acquisition of Wesfarmers’ Australian insurance underwriting business.

Click here to read the full media release on IAG NZ’s website.

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