Insurance Australia Group (ASX:IAG) partnered with The Royal Automobile Club of Western Australia (RAC) to offer general insurance products and services for RAC members and Western Australians, according to a Thursday filing with the Australian bourse.
The deal includes the purchase of RAC Insurance and a 20-year exclusive distribution agreement for RAC-branded home, motor, and niche insurance products, with a consideration of AU$400 million for the acquisition and AU$950 million for the distribution and brand licensing agreement, the filing said.
The transaction is expected to be completed in the first half of 2026, according to the filing.
Shares rose 4% in morning trade Thursday.
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