RAC Insurance acquisition
23 July 2008
RAC to take 100 per cent ownership of WA’s largest domestic home and motor insurance business
RAC (WA) has exercised its right to buy back the 50 per cent stake in RAC Insurance currently owned by Suncorp-Metway Limited. This brings full ownership of the State’s biggest domestic home and motor insurance business back to RAC and Western Australia.
The purchase price was determined by an independent valuation.
RAC Group Chief Executive Terry Agnew said it was a major step for the organisation and would further align the insurance business with RAC’s corporate strategy to deliver the highest quality service offering to members.
“We are very pleased to be bringing RAC Insurance home to further build our organisation for our members,” Mr Agnew said.
“We are a proudly Western Australian institution and have the resources, personnel, service levels and the operating systems to ensure RAC Insurance remains the leading personal insurance brand in WA providing valued protection to members.”
Mr Agnew said that because RAC was a solely Western Australian organisation it was uniquely positioned to understand the personal insurance needs of people who live in the State - a key advantage given the highly competitive general insurance market in which RAC Insurance functions.
“The RAC intends to stay true to its WA member base and focus on delivering the best possible personal insurance services through RAC Insurance,” Mr Agnew said.
Download the release (PDF).