Insurer outlines aims in sale aftermath

Insurer outlines aims in sale aftermath | Insurance Business

Insurer outlines aims in sale aftermath
Wesfarmers Insurance has vowed to grow the premium funding business it has held on to in the aftermath of selling the underwriting arm to IAG.

As reported, Wesfarmers is keeping the broking and premium funding arms of the business.

Asked what Wesfarmers has planned for the premium funding business, a spokeswoman told Insurance Business it would, among other things, focus on market share.

“Our broking and premium funding businesses remain a part of Wesfarmers Insurance,” she said. “We will continue to build on the strong foundation we have in place, and to execute our strategies and plans to achieve our business targets. These businesses are not part of the sale agreement and their plans are unchanged. 

“They remain on course to deliver on their business plans and their people are focused on achieving their targets and growing their market share.  They will get there by continuing to provide broker partners and their clients with flexible, personalised and responsive service.”

Meanwhile, the Australian Competition and Consumer Commission is undertaking an informal review of IAG’s acquisition of Wesfarmers underwriting arm under the Competition and Consumer Act 2010.