On Monday 30 June, IAG completed its acquisition of the Wesfarmers Insurance Australian Underwriting business.
CGU have made it clear they intend to take more time to learn about the businesses to ensure that the best people and business practices can be integrated for the benefit of the future organisation.
Things that will stay the same
- The management of claims
- The products
- Office locations
- Underwriting authorities and risk appetite
- Renewals
- The current risk appetite and combined ability to write risk in all geographies remains unchanged
Things that will change
They will be introducing some changes to the way CGU and Lumley compete for new and existing business.
– CGU and Lumley will not compete against each other for existing customer business
Source CGU
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