IAG today announced it will enter a strategic alliance with The Royal Automobile Club of Western Australia (RAC) that includes IAG’s purchase of the RAC Insurance (RACI) business and a 20-year exclusive distribution agreement for RAC branded home, motor and niche insurance products. The consideration comprises $400 million for 100% acquisition of RACI and $950 million for a distribution and brand licensing agreement.
RAC Group CEO Rob Slocombe said, “RAC is pleased to partner with IAG, a leading Australian general insurance company, in a long-term partnership that will strengthen the value we deliver to our 1.3 million members across Western
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