Western Australia-based insurer RACWA will sell its entire insurance operations to a Sydney-based company, in a deal worth $1.3 billion.
The 20-year deal will see RACWA — which has been WA owned for more than 20 years — hand over its insurance arm to multinational insurance company Insurance Australia Group (IAG).
IAG will pay $400 million for that acquisition and $950 million will be spent on a “distribution and brand licensing agreement”.
In a statement, RAC said it would continue to…
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