Australian watchdog rejects IAG's purchase of RAC WA insurance business [Yahoo! Finance]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Yahoo! Finance
the Royal Automobile Club of Western Australia (RAC WA), citing concerns over insurance merger competition in Western Australia (WA). Following a thorough review, the ACCC determined that the proposed transaction could result in a “substantial lessening of competition” for motor vehicle and home insurance products in the region. In May 2025, IAG reached an agreement to acquire the insurance operations of RAC WA, along with a 20-year exclusive arrangement for distribution and licensing of RAC-branded insurance policies. The deal, valued at $1.35bn (A$2.02bn), includes $400m for all shares in RAC Insurance and a $950m upfront fee for the distribution agreement. According to the ACCC, the deal would give IAG a 55–65% share of the motor vehicle insurance market and up to a 60% share of the home and contents insurance market in WA. ACCC chair Gina Cass-Gottlieb said: “We concluded that the proposed acquisition would eliminate the significant competition between IAG and RACI, and
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