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.
  • John Hallman 2014-01-08 10:50:44 PM
    I am more interested in what happens to the WFI representatives scattered around the country. I cant see CGU giving them the favours and deals they were getting from WFI
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  • ex oamps employee 2014-01-08 10:52:53 PM
    Reading between the lines!, no one wants to buy.
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  • Just An Observer 2014-01-08 11:35:41 PM
    Agree, it will be interesting to see what happens with the WFI Reps. But unfortunately I suspect that CGU will follow similar path to what QBE have done with the Elders. Reality is that IAG (CGU) has been paid for the business. So they will have to "manage" transfer. Which in practice means that for next 5 to 10 years CGU will have double standards on pricing and risk acceptance just like QBE do with the Elders Reps!! Both CGU & QBE say they support brokers but when it comes down to reality it is just talk!
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