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International

Australia: Northern Territory government to sell insurance unit for $367.7 million

November 24, 2014 Reprints

Australia's Northern Territory government is set to offload Territory Insurance Office, the country's last state-controlled insurer, for $424 million Australian ($367.7 million), reported The Australian.

The NT government would sell TIO's insurance arm to Allianz S.E. for $236 million Australian ($204.7 million) and its banking unit to People's Choice Credit Union for $48 million Australian ($41.6 million).

The deal includes an additional $140 million Australian ($121.4 million) capital drawdown on the Territory's Motor Accidents Compensation program, which Allianz will manage but the government will control.

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Australia: Northern Territory government to sell insurance unit for $367.7 million

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