Statement of preliminary issues for IAG's application to acquire 100% of the shares in Lumley

The Commerce Commission has published a statement of preliminary issues relating to an application from IAG (NZ) Holdings Limited (IAG) to acquire 100% of the shares in Lumley General Insurance (N.Z.) Limited (Lumley).

The statement of preliminary issues outlines the key competition issues that the Commission currently considers will be important in deciding whether or not to grant clearance. The Commission’s statement of preliminary issues and the public version of the application are on the Commission’s website at: www.comcom.govt.nz/clearances-register/

The Commission invites submissions from parties who consider that they have information relevant to the Commission’s consideration of this matter. Submissions can be sent to registrar@comcom.govt.nz with the reference IAG/Lumley in the subject line of your email or to PO Box 2351, Wellington 6140 by 4pm on Friday 21 February 2014.

Background

IAG supplies a range of personal and commercial insurance products throughout New Zealand with the majority of its products sold under the AMI, State and NZI brands.

Lumley offers a range of personal and commercial insurance products, all of which are distributed through independent brokers and other intermediaries.