| Decision | Consent granted Section 13(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 March 2014 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Lumley General Insurance (N.Z.) Limited, the consideration of which exceeds $100m. |
| Consideration | $374,779,541 |
| Applicant | Insurance Australia Group Limited Australian Public (99.42%) Various overseas persons (0.58%) |
| Vendor | Wesfarmers Limited Australia (100%) |
| Background | Lumley General Insurance (N.Z.) Limited (“Lumley”) is a provider of general insurance products and services. Lumley writes all major classes of general insurance and has particularly strong expertise in the transport sector. The Applicant considers Lumley's diverse range of commercial and personal lines offerings and its strong history of expertise in the transport sector are a strong fit with the Applicant's existing New Zealand insurance business. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Garth Sinclair Webb Henderson P O Box 105-426 AUCKLAND |