IAG Puts Up $1.9B For Wesfarmers Underwriting Biz

Law360, New York (December 16, 2013, 12:29 PM EST) -- Insurance Australia Group Ltd. on Monday confirmed it would pay $1.85 billion for the insurance underwriting unit of Wesfarmers Ltd., beefing up its presence in its home markets of Australia and New Zealand to become the region's largest insurer.

The specter of such a deal had stirred buzz in recent weeks after IAG sealed its spot as the frontrunner when other prospective suitors, including Suncorp Group Ltd. and Zurich Insurance Group AG, reportedly backed off acquisition plans. The price tag matches media estimates for the unit,...
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