IAG buys Wesfarmers' insurance arm

Insurer to pay $1.85bn for underwriting operations, enters trading halt to conduct share placement to fund purchase.

Wesfarmers (WES) has agreed to sell its Australian and New Zealand underwriting operations of its insurance division to Insurance Australia Group (IAG) for $1.845 billion.

In a statement to the Australian Securities Exchange, Wesfarmers said the deal does not include Wesfarmers' broking operations in Australia, New Zealand and the United Kingdom, or its premium funding businesses in Australia and New Zealand.

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