Allianz SE and Insurance Australia Group Ltd. (IAG) are reportedly considering bids for the insurance division of the Royal Automobile Club of Western Australia (RAC), according to sources familiar with the situation.
The move follows RAC’s decision to engage investment firm Barrenjoey for a strategic review of its insurance operations, a process first reported by the Australian Financial Review last year.
An RAC spokesperson confirmed the review but refrained from commenting on potential bidders. In response to inquiries, IAG acknowledged its ongoing search for growth opportunities, although the company did not address the specific market speculation surrounding the RAC insurance business. Allianz also declined to provide comment on the matter.
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