Commission clears IAG to acquire Mike Henry

Thursday, 24 June 2004, 4:54 pm
Press Release: Commerce Commission

24 June 2003

Commerce Commission clears IAG to acquire Mike Henry

The Commerce Commission has cleared IAG New Zealand Limited to acquire 100% of the shares in Mike Henry Travel Insurance Limited.

IAG New Zealand is owned by Insurance Australia Group Limited and underwrites and distributes a range of general insurance products including travel insurance.

Mike Henry Travel Insurance (MHTI) is wholly owned by Mike Henry New Zealand and is involved in the distribution of travel insurance.

Chair Paula Rebstock said the Commission was satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the market for the national wholesale distribution of travel insurance due to there being sufficient existing competition and potential competition.

“In the market for the national supply of underwriting services for travel insurance, the proposed acquisition is unlikely to lead a substantial lessening of competition due to sufficient existing competition.”

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

ENDS

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