Wesfarmers exits insurance industry with sale of assets including NZ’s Crombie Lockwood

Mon, 07 Apr 2014

By Suze Metherell April 7 (BusinessDesk) – Wesfarmers has agreed to sell its broking and premium funding units for A$1 billion to Arthur J. Gallagher & Co, the New York stock exchange-listed insurer, completing the Australian company’s exit from the insurance industry. Wesfarmers will get a further A$150 million distribution to repay premium funding as part of the sale, which includes its Crombie Lockwood, Lumley Finance and Monument Premium Funding brands in New Zealand. The company expects to make a pretax profit of between A$310 million...

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