The Big Interview
While the Steadfast IPO may have been the story of 2013, it was IAG’s purchase of a large tranche of Wesfarmers’ insurance arm that should take the title of Coup of the Year – especially as IAG was only linked with the sale a few days before it was finalised. The addition of Lumley to the IAG arsenal makes Wilkins and IAG as big a player in the intermediated space as it is in the direct market – that is, as long as the deal isn’t nixed by the ACCC.
IAG received ACCC approval on March 26, which was a significant step forward in completing the acquisition. As of this writing, there are still other regulatory approvals to be obtained including from the New Zealand Commerce Commission on the NZ part of the transaction.