Latest news with #RACInsurance
News.com.au
15-05-2025
- Automotive
- News.com.au
IAG to buy RAC insurance for $1.35 billion
Western Australia's state motoring organisation, the RAC of WA, has entered a strategic alliance with Australia's biggest insurer, IAG. IAG will buy RAC Insurance and a 20-year exclusive distribution for RAC-branded insurance in Western Australia. The price is $1.35 billion, $400 million for the insurance division and $950 million for the distribution deal. Last November, IAG paid $855 million for a 25-year deal to sell insurance to Royal Automobile Club of Queensland members.
ABC News
15-05-2025
- Business
- ABC News
RACWA sells its insurance underwriting business to Sydney-based multinational IAG
Western Australia-based insurer RACWA will sell its entire insurance operations to a Sydney-based company, in a deal worth $1.3 billion. The 20-year deal will see RACWA — which has been WA owned for more than 20 years — hand over its insurance arm to multinational insurance company Insurance Australia Group (IAG). IAG will pay $400 million for that acquisition and $950 million will be spent on a "distribution and brand licensing agreement". In a statement, RAC said it would continue to distribute general insurance products under the RAC Insurance brand in WA, while IAG will take on underwriting, claims management, product development and pricing. It said there would be "no immediate changes" to customer policies.
