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Reserve Bank of New Zealand approves acquisition of Lumley General Insurance – Insurance Australia

Insurance Australia Group Limited (IAG) has received approval from the Reserve Bank of New Zealand for the purchase of Lumley General Insurance (NZ) Limited, the New Zealand portion of the Wesfarmers insurance underwriting business.

IAG has now received all New Zealand regulatory approvals required for the acquisition of Wesfarmers’ insurance underwriting business.

In Australia, approvals are pending from the Australian Prudential Regulation Authority and the Federal Treasurer.

It remains the Group’s expectation that the transaction will be completed by 30 June 2014.