M&A Deal Summary

IAG Acquires Wesfarmers - Insurance Underwriting Business

On December 16, 2013, IAG acquired insurance company Wesfarmers - Insurance Underwriting Business from Wesfarmers for 1.8B AUD

Acquisition Highlights
  • This is IAG’s 3rd transaction in the Insurance sector.
  • This is IAG’s largest (disclosed) transaction.
  • This is IAG’s 2nd transaction in Australia.

M&A Deal Summary
Date 2013-12-16
Target Wesfarmers - Insurance Underwriting Business
Sector Insurance
Buyer(s) IAG
Sellers(s) Wesfarmers
Deal Type Divestiture
Deal Value 1.8B AUD

Target

Wesfarmers - Insurance Underwriting Business

Australia
Wesfarmers Insurance Underwriting include Lumley and WFI in Australia and New Zealand along with a 10 year distribution agreement for Coles insurance.

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Buyer(S) 1

Buyer

IAG

Sydney, Australia

website

Category Company
Founded 1920
Sector Insurance
Employees13,500
Revenue 8.9B AUD (2022)
DESCRIPTION

IAG is the parent company of a general insurance group with controlled operations in Australia, New Zealand, Thailand and Vietnam, employing over 13,500 people. Insurance Australia Group was founded in 1920 and is based in Sydney, Australia.

DEAL STATS #
Overall 3 of 3
Sector (Insurance) 3 of 3
Type (Divestiture) 1 of 1
Country (Australia) 2 of 2
Year (2013) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-22 ERS Insurance

London, United Kingdom

ERS Insurance is a Lloyd’s underwriting business (Syndicate 218), which has been a leading motor insurer for more than 60 years, providing quality commercial insurance solutions to customers in the United Kingdom. ERS offers a diverse range of insurance for private cars, classic cars, vans, motorcycles, taxis, minibusses, fleets, haulage, and agricultural vehicles.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-19 AmGeneral Insurance

Kuala Lumpur, Malaysia

AmGeneral Insurance is a motor and general insurance company with more than four million policyholders nationwide. The company generates business through a comprehensive range of general insurance solutions which are distributed through a wide-reaching network of customer service centres, agents and dealers, as well as through AmBank’s branches nationwide. AmGeneral Insurance is based in Kuala Lumpur, Malaysia.

Sell -

Seller(S) 1

SELLER

Wesfarmers

Perth, Australia

website

Category Company
Founded 1914
Sector Diversified
Employees120,000
Revenue 30.8B AUD (2020)
DESCRIPTION

Wesfarmers is a diversified Australian holdings company. Wesfarmers' business segments include supermarkets, department stores, home improvement and office supplies; coal production and export; chemicals, energy and fertilisers; and industrial and safety products. Wesfarmers was founded in 1914 and is based in Perth, Australia.

DEAL STATS #
Overall 2 of 5
Sector (Insurance) 1 of 2
Type (Divestiture) 2 of 4
Country (Australia) 2 of 4
Year (2013) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-16 Wesfarmers Premier Coal

Collie, Australia

Wesfarmers Premier Coal Limited operates an open and underground cut coal mine in Western Australia.

Sell $297M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-20 Peabody Budjero - Mineral Development Licence 162

Australia

Peabody Energy Corp., Mineral Development Licence 162 comprises coal reserves of approximately 67 million tonnes.

Buy $70M
Mergr

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