Bank of Queensland Group (BOQ) has
completed the acquisition of the life and general insurance units
of St Andrew’s Insurance (SAI) from Commonwealth Bank Group
(CBG).
The A$45m ($40m) deal excluded SAI’s
investment, superannuation, retirement income and financial
planning business units.
Go deeper with GlobalData
CBG acquired SAI as part of its acquisition of
Bankwest in December 2008and was to have been integrated into CBG’s
ComInsure unit.
However, following an approach from BOQ, SAI’s
long-standing bancassurance partner, a decision was taken to accept
their offer for the life and general insurance units.
SAI is small in the context of ComInsure which
in 2009 reported life premium income of A$2.1bn.
The two SAI units sold recorded combined
premium income of A$75m.
BOQ will operate the SAI’s business as a
stand-alone entity under the leadership of its existing CEO Renato
Mazza and will maintain its Perth-based headquarters.
