Insurance Australia Group chief executive Nick Hawkins is confident the acquisition of two state-based insurers will get through the competition regulator, after the group said it would buy The Royal Automobile Club of Western Australia (RAC) for $1.35 billion, following a similar deal in Queensland.
IAG, Australia’s largest insurer, which has a portfolio of brands that includes NRMA and CGU, said it had formed a “strategic alliance” with The Royal Automobile Club. It comes only six months after IAG struck a similar deal with the Royal Automobile Club of 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
