Suncorp forms Tassie auto deal
Suncorp has sold a quarter of its interest in Royal Automobile Club of Tasmania (RACT) Insurance back to the motoring club, with an “evergreen” option to increase its shareholding to 50%.
Suncorp bought RACT in 2004.
The Brisbane-based financial services giant also has joint ventures with motoring clubs in SA, Queensland and NZ, and according to a statement to the Australian Stock Exchange, the move reflects the “strong relationship” between Suncorp and the RACT in manufacturing and distributing general insurance products in Tasmania.
“[It] further demonstrates Suncorp’s capacity and capability in participating in valuable joint venture arrangements.”
The arrangement is subject to regulatory approvals and is expected to be completed later this year.
Suncorp bought RACT in 2004.
The Brisbane-based financial services giant also has joint ventures with motoring clubs in SA, Queensland and NZ, and according to a statement to the Australian Stock Exchange, the move reflects the “strong relationship” between Suncorp and the RACT in manufacturing and distributing general insurance products in Tasmania.
“[It] further demonstrates Suncorp’s capacity and capability in participating in valuable joint venture arrangements.”
The arrangement is subject to regulatory approvals and is expected to be completed later this year.