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IAG applies for clearance to acquire

1 June 2003-04

IAG applies for clearance to acquire Mike Henry Travel

The Commerce Commission has received an application from IAG New Zealand Limited seeking clearance to acquire 100% of the shares in Mike Henry Travel Insurance Limited.

IAG NZ is owned by Insurance Australia Group Limited. IAG underwrites and distributes a range of general insurance products, under the State and NZI brands. It also underwrites and distributes travel insurance through a variety of brokers, intermediaries and distributors such as banks, as well as directly to customers via the internet, call centres and retail sales sites. IAG distributes, but does not underwrite, life insurance products.

Mike Henry Travel Insurance (MHTI) is wholly owned by Mike Henry New Zealand. MHTI is active in the distribution of travel insurance, predominantly through travel agents, and in some cases, directly to customers. MHTI does not underwrite travel insurance.

In considering the application, the Commission’s role is to determine whether the merger has the effect of substantially lessening competition in a market.

A public version of the application will shortly available on the Commission’s website under Adjudication.

ENDS

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