IAG completes acquisition of RACQ Insurance

IAG has completed the acquisition of The Royal Automobile Club of Queensland’s ( RACQ ) insurance underwriting business and launched a long-term strategic alliance with RACQ. The deal adds around 840 RACQ Insurance employees to IAG and strengthens its commitment to locally serviced general insurance products in Queensland.

IAG CEO Nick Hawkins said the partnership supports RACQ’s member-first approach while expanding IAG’s retail footprint. “RACQ members will continue to receive the same high-quality service and will benefit from IAG’s technology, claims experience, and underwriting expertise,” he added.

RACQ CEO David Carter highlighted that the deal ensures continued delivery of trusted insurance products and creates new career pathways for staff. IAG acquired 90% of RACQ Insurance for $855 million, including a 25-year distribution agreement, with an option to acquire the remaining 10% in two years.

The move positions IAG as RACQ’s exclusive insurance underwriting partner and reflects a broader strategy of collaborating with member organisations to deliver locally focused insurance solutions.