RACQ Managing Director and Group CEO David Carter said the partnership would bring several benefits, including the continued delivery of high-quality insurance products to RACQ members.
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This release has been authorised by the IAG Continuous Disclosure Committee.
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"The partnership allows RACQ to uphold our commitment to providing trusted, competitive insurance products while creating new career pathways for many of our people. We're proud to partner with an organisation that shares our strong focus on customer experience and community impact," Mr Carter said.
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The transaction has seen IAG acquire 90% of the shares in RACQ Insurance, with an option to acquire the remaining 10% in two years on consistent terms. The consideration of $855 million also includes payment for entry into a 25-year distribution agreement and sees IAG become RACQ's exclusive partner for insurance underwriting.
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"RACQ Insurance members will continue to receive the same high-quality service from the same teams and will soon benefit from IAG's best-in-class technology, providing an enhanced customer-focused claims experience and strong underwriting expertise."
RACQ Managing Director and Group CEO David Carter said the partnership would bring several benefits, including the continued delivery of high-quality insurance products to RACQ members.
This release has been authorised by the IAG Continuous Disclosure Committee.
"The partnership allows RACQ to uphold our commitment to providing trusted, competitive insurance products while creating new career pathways for many of our people. We're proud to partner with an organisation that shares our strong focus on customer experience and community impact," Mr Carter said.
The transaction has seen IAG acquire 90% of the shares in RACQ Insurance, with an option to acquire the remaining 10% in two years on consistent terms. The consideration of $855 million also includes payment for entry into a 25-year distribution agreement and sees IAG become RACQ's exclusive partner for insurance underwriting.
