Insurance Giants Allianz SE and the Insurance Australia (IAG) group have been exploring offers for the Royal Automobile Australian Western Australian Club (RAC WA), Bloomberg He informed, citing unleashed sources.
The WA RAC hired Barrenjoey to review his business, according to a report from the Australian financial review At the end of last year.
A spokesman said: “RAC constantly seeks ways to improve the experience of our members and the services we provide, including insurance,” confirming the current review, but declines to comment on possible bidders.
IAG stated that “growth opportunities and is well positioned” to pursue them, but refused to comment on “market speculation”, according to its spokesman, while Allianz declined to comment.
The WA RAC offers products that include boats, cars, caravans and trailers, health, home, life, motorcycle, pets, small businesses and travel insurance.
For the financial year that ends in June, the group reported a tax gain of an asset of $ 105 million ($ 65.6 million) and a total of $ 1.13 billion.
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By Globaldata
In November 2024, IAG announced plans to acquire 90% of the Royal Automobile Club of Queensland insurance business, with an option for the remaining 10% in two years, together with a 25 -year distribution agreement.
The Competition and Consumer Commission of Australia has expressed concern about the agreement, looking for comments on its potential impact on the insurance market, particularly in personal lines and repair services.
In December 2024, Allianz Australia partnered with the Royal Automobile Association of Australia del Sur to acquire its general insurance business.
The agreement includes a 20 -year distribution agreement for RAA housing and car insurance products, expanding the presence of Allianz consumption insurance in southern Australia.
