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INSURANCE AUSTRALIA GP GAINS WATCHDOG APPROVAL TO ACQUIRE AVIVA.
AsiaPulse News, November, 2002
SYDNEY, Nov 28 Asia Pulse - Australia's competition watchdog today said it would approve Insurance Australia Group Ltd's (ASX:IAG) acquisition of Aviva Plc's CGU Insurance.
Australian Competition and Consumer Commission (ACCC) chairman Professor Allan Fels said the ACCC found that home insurance and domestic motor insurance were the only two significant areas of overlap between IAG and CGU.
IAG and CGU are the largest and fifth largest general insurers in Australia respectively.
The ACCC said post-acquisition, IAG would have around a quarter of the national market for general insurance, and the biggest four insurers between them would have around two-thirds of the market.
"On most product lines there is little overlap between IAG, which...
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