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IAG finalises licence consolidation

IAG has completed the consolidation of its nine Australian general insurance licences into two.

As previously reported by insuranceNEWS.com.au, the insurer was granted approval for the move by the Federal Court of Australia last month.

It now has only two licensed Australian entities: Insurance Australia Limited (IAL) and Insurance Manufacturers of Australia Pty Limited (IMA).

IAL will become the insurer of policies issued by CGU, Swann Insurance, WFI, IAG Re, Mutual Community General Insurance, CGU-VACC Insurance and HBF Insurance.

IMA is the operating company for the NRMA Insurance/RACV Insurance joint venture, which is owned 70% by IAG and 30% by RACV.

IAG says the consolidation will create a simpler, more efficient and agile business.

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