Tower chairman Stiassny takes swipe at IAG’s Lumley acquisition

Wed, 05 Feb 2014

By Paul McBeth Feb. 5 (BusinessDesk) - Tower chairman Michael Stiassny took a swipe at Australian rival Insurance Australia Group’s bid to buy Wesfarmers’ trans-Tasman underwriting businesses, saying the market dominance creates “significant risk.” IAG has sought clearance from Australasian antitrust regulators to buy the WFI and Lumley Insurance brands as well as a 10-year distribution agreement with Coles for A$1.85 billion, something Tower’s Stiassny says is of concern to the wider industry. “We are pleased the Commerce Commission is t...

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