Wesfarmers to sell insurance broking arm

Wesfarmers agrees on $1bn sale of insurance broking business to US firm.

Wesfarmers has agreed to sell its insurance broking and premium funding operations to subsidiaries of American broking giant Arthur J Gallagher for $1.01 billion.

In a statement, Wesfarmers said it will also receive a distribution of approximately $150 million to repay funding of the premium funding operations.


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