Suncorp Metway has convinced ACCC regulators that it should be able to buy AMP’s stake in the joint venture with RACQ. The agreement will give the Queensland allfinanz company a dominant share of the local domestic and vehicle insurance market.

The ACCC was expected by some observers to take a tough stance on the move. But RACQ presumably is happy with the deal, because it has a get-out clause in the joint venture agreement it originally signed with GIO.

It’s understood that negotiations over the AMP joint venture with the Adelaide-based RAA – which exists under a similar arrangement – are continuing.