8 Apr 2014

Coles owner sells insurance arm

9:05 am on 8 April 2014

Wesfarmers expects to reap a profit of up to $A335 million from the $1 billion sale of its insurance broking arm.

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Photo: AAP

The Australian conglomerate, best known for its ownership of retail outlets including Bunnings and Coles, is selling Crombie Lockwood in New Zealand and its OAMPS businesses in Australia and the UK.

The buyer is Illinois-based and New York Stock Exchange-listed Arthur J. Gallagher & Co, one of the world's largest risk management and insurance broking companies.

The sale will need to be approved by Australia's Foreign Investment Review Board, as well as regulators in New Zealand and the UK.