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IAG seeks clearance to acquire Lumley

IAG seeks clearance to acquire Lumley

20 December 2013

The Commerce Commission has received an application from IAG (NZ) Holdings Limited (IAG) seeking clearance to acquire 100% of the shares in Lumley General Insurance (N.Z.) Limited (Lumley).

IAG supplies a range of personal and commercial insurance products throughout New Zealand with the majority of its products sold under the AMI, State and NZI brands.

Lumley, which is ultimately owned by the Australian company Wesfarmers Limited, offers a range of personal and commercial insurance products, all of which are distributed through independent brokers and other intermediaries.

A public version of the application will be available shortly on our Clearances Register.

Assessing an application for a merger or acquisition
When considering a proposed merger, the Commission must decide whether the competition that is lost in a market when two businesses merge is substantial. We will give clearance to a proposed merger only if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

A fact sheet explaining how the Commission assesses a merger application is available at:http://www.comcom.govt.nz/mergers-and-acquisitions-merger-assessment-fact-sheet/

ENDS

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