IAG Forms Strategic Alliance with RACQ in $855M Deal

Insurance Australia Group Limited (AU:IAG) has released an update.

Insurance Australia Group (IAG) has announced a 25-year strategic alliance with RACQ, acquiring 90% of RACQ’s insurance underwriting business for $855 million. This deal is set to boost IAG’s gross written premiums by approximately $1.3 billion, while RACQ retains its brand and customer relationships in Queensland. The transaction aims to strengthen IAG’s presence in the region and is expected to be earnings accretive in its first year.

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