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New Zealand: IAG's takeover of Lumley could crimp competition


Insurance brokers in New Zealand have said the proposed acquisition of Lumley General Insurance (N.Z.) Ltd. by Insurance Australia Group Ltd. could crimp competition, Stuff.co.nz reports.

The takeover plan – part of IAG's $1.85 billion Australian ($1.6 billion) offer for Lumley's Australia-based parent Wesfarmers' insurance unit – is currently being assessed by New Zealand's Commerce Commission. One broker predicted that the merged firm would control just over half the insurance market, Stuff.co.nz reported.

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