Allens is pleased to have advised Insurance Group Australia Limited (IAG) on its $1.35 billion strategic alliance with the Royal Automobile Club of Western Australia (RAC WA).
The partnership sees IAG acquire the RAC WA Insurance business and enter into a 20-year exclusive distribution agreement for RAC-branded home, motor and niche insurance products.
'We are delighted to have supported IAG on this landmark transaction, which will benefit not only IAG shareholders but also RAC members, employees and the WA community,' said lead partners Vijay Cugati and Julian Donnan.
'The acquisition is part of the recent M&A activity we have seen in Australia's insurance industry. We expect activity will continue as the industry seeks to support customers with leading technology in the context of a global reinsurance and risk environment.'
A cross-practice team from Allens advised on all aspects of the transaction, which as noted above was led by Corporate partners Vijay Cugati and Julian Donnan, with support from Jacqueline Downes (Competition), Simun Soljo (Financial services), Jessica Mottau (TMT), Miriam Stiel (Intellectual Property) and Ellen Thomas (Tax).
The advice builds on Allens market-leading work in the insurance and financial services sector:
- UBS on the Australian aspects of its acquisition of Credit Suisse to create the world's fourth-largest bank —the first-ever combination of two global systemically important financial institutions;
- TA Associates on its sale of Honan Insurance Group to Marsh;
- AUB Group on its acquisition of Pacific Indemnity Underwriting Solutions and acquisition of UK-based insurance broker, Tysers; and
- Commonwealth Bank on the sale of its Australian general insurance business and related exclusive 15-year strategic alliance with the Hollard Group.
