The Australian Competition and Consumer Commission (ACCC) has called for submissions from interested parties on both the proposed acquisition of RACQ by IAG and Allianz Australia’s take over of RAA.
The industry watchdog commenced a review of both acquisitions on January 31, 2025 and submissions are due by February 14 this year.
According to the ACCC website, Insurance Australia Group Limited (IAG) proposes to acquire 90 per cent of the shares in RACQ Insurance Limited (RACQI) from The Royal Automobile Club of Queensland Limited (RACQ), with an option to acquire the additional 10 per cent after two years.
The parties overlap in the manufacture and supply of personal lines general insurance, including home, contents and motor insurance.
Meanwhile, the ACCC website also outlines, Allianz Australia Insurance Limited (Allianz) proposes to acquire RAA Insurance Holdings Limited and its subsidiary RAA Insurance Limited (together, RAAI) from Royal Automobile Association of South Australia Incorporated (RAA) and enter into a 20-year agreement for RAA to exclusively distribute Allianz and RAAI underwritten insurance products.
Allianz and RAAI overlap in the supply of personal lines general insurance, including home, contents and motor insurance.
Submissions should be forwarded electronically (preferably in PDF format) to mergers@accc.gov.au by 14 February 2025.
More information, including a ‘Market Inquiries Letter’ is available from the ACCC website.