IAG has announced a major repositioning of its brands, with its intermediated business to fall under the CGU banner, Lumley to be established as an underwriting agencies brand and WFI to remain a rural and small business specialist.

A new set of CGU products will be released from next April and will combine the best of CGU and Lumley policies, IAG Commercial Insurance CEO Peter Harmer told insuranceNEWS.com.au this morning.

Lumley business will be migrated onto these products on renewal in the second half of next year, taking about a year.

Mr Harmer says IAG Commercial will have a broader and increased appetite as a result of larger scale achieved following IAG’s takeover of the Wesfarmers underwriting business on July 1.

The new Lumley Agencies business will use this scale to “aggressively grow”, he says.

Its portfolio will include Strata Unit Underwriters, Accident & Health, Millennium Underwriting Agencies and IAG’s half share of National Transport Insurance.

“We would like to work with partners to set up new agencies,” Mr Harmer said.

More details in this afternoon’s bulletin.