23 Dec 2013

IAG seeks clearance to buy Lumley

7:28 am on 23 December 2013

The Commerce Commission says Insurance Australia Group has applied for clearance to buy the Lumley General Insurance company in New Zealand.

Lumley accounts for about 30% of the Wesfarmers insurance operations which IAG plans to buy for $A1.845 billion.

IAG already owns the NZI, State and AMI brands in New Zealand and claims a 39% share of the $5 billion New Zealanders pay in insurance premiums each year. The Lumley purchase will take its share to about 45%.