Insurance Australia Group (ASX:IAG) is among the potential bidders for the insurance arm of the Royal Automobile Club of Western Australia, Bloomberg News reported Wednesday, citing unnamed people familiar with the matter.
The club, which offers a wide range of insurance products, has enlisted investment bank Barrenjoey to conduct a strategic review process, per the report.
The move comes as IAG seeks to expand its scale, following recent acquisitions of insurance businesses in other Australian states, the report added.
IAG did not immediately respond to MT Newswires' request for comment.
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