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IAG gets regulator tick to buy automobile club insurer in Queensland

James Eyers

Insurance Australia Group has been cleared to buy the insurance business of the Royal Automobile Club of Queensland, after the regulator found the deal would not substantially lessen competition in the state.

The deal, unveiled last November, saw IAG pay $855 million for RACQ’s insurance company, as well as a 25-year exclusive distribution agreement to sell home and car insurance policies in Queensland.

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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

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    Original URL: https://www.afr.com/companies/financial-services/iag-gets-regulator-tick-to-buy-automobile-club-insurer-in-queensland-20250522-p5m18a