Wesfarmers insurance australia underwriting assistant

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Wesfarmers insurance australia underwriting assistant

Insurance Australia Group Ltd - proposed acquisition of Wesfarmers' insurance underwriting business

Wesfarmers managing director Richard Goyder said the sale followed approaches by a number of parties that were interested in the underwriting business.

Wesfarmers had spent a lot of money in recent years getting the Australian and New Zealand insurance underwriting business into much better shape.

There was inherent volatility in the insurance business because of catastrophic events like earthquakes in New Zealand, and Cyclone Yasi. The sale does not include the insurance division's broking operations in Australia, New Zealand and the UK, and its Australian and New Zealand premium funding businesses which will remain part of Wesfarmers.

Material issues

Mr Goyder said Wesfarmers had not yet decided what to do with the proceeds from the sale. The sale is subject to regulatory approval, which is expected to take several months.

The acquisition comprises Wesfarmers' underwriting companies trading under the WFI and Lumley Insurance brands, and a year distribution agreement with Coles. IAG expects the acquisition will lift earnings per share by a modest amount in the first full year of ownership and by at least five per cent in the second year.

Shares in Wesfarmers were IAG shares are in a trading halt until the start of trading on Wednesday, December Kennedy Reid is a vibrant, bright, exciting, and customer focused timberdesignmag.com have a fun and inspiring work environment.

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Chief Executive Officer, The Hollard Australia Group. Richard Enthoven is the Founder and Chief Executive Officer of The Hollard Australia Group which includes Hollard Insurance, Hollard Financial Services and Real Insurance.

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Mike focuses on making Ando the first choice for our brokers and partners by creating innovative solutions to traditional challenges. After starting his career in banking at CBA in Australia, Mike has specialised in insurance-related technologies for over 15 years.

wesfarmers insurance australia underwriting assistant
IAG Receives Regulatory Approval for Wesfarmers Underwriting Acquisition