find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Senior Government Lawyer
Category: Other | Location: Canberra ACT 2600
· FINANCE LEGAL AND GOVERNANCE GROUP | CANBERRA, ACT · EXECUTIVE LEVEL 1 (ONGOING)
View details
Minters gets $1.8 billion deal done for IAG

Minters gets $1.8 billion deal done for IAG

A slew of law firms acted on the purchase of Wesfarmers’ insurance division by Insurance Australia Group (IAG).

Firms: Minter Ellison (IAG); Webb Henderson (IAG); Herbert Smith Freehills (Wesfarmers); Russell McVeagh (Wesfarmers)

Deal: IAG purchases the underwriting operations of the Australian and New Zealand insurance division of Wesfarmers.

Key Players: Five partners from Minters acted on the deal. The lead partner was Sydney M&A head James Philips (pictured), with fellow partners Mark Standen, Christopher Brown, Paul Schoff and Daniel Scotti also involved. Senior associates Louella Stone and Martin Wright were additional members of the Minters team that acted for IAG in Australia. Webb Henderson acted for IAG in New Zealand. Herbert Smith Freehills were the Australian legal advisers for Wesfarmers, with leading New Zealand firm Russell McVeagh representing the food and business giant in New Zealand.

Area: M&A

Value: $1.845 billion

Deal Significance: Wesfarmers is one of Australia’s largest listed companies, with business interests that include supermarkets, department stores, energy and fertilisers, coalmining and insurance.
This particular deal saw the company sell the underwriting operations of its Australian and New Zealand insurance division to IAG for $1.845 billion.
Under the terms of the transaction, IAG has acquired the WFI, Lumley and Affinity & Direct insurance businesses in Australia and the Lumley business in New Zealand. Wesfarmers' insurance broking businesses are not included in the transaction. 
“I am thrilled that we have helped IAG to analyse, negotiate and document this significant transaction," said Philips.
The deal is expected to be completed by the end of the financial year. IAG has forecast gross written premiums of between 5 to 7 per cent for FY14 and net losses from ‘natural perils’ of around $640 million, which is in line with its budgeted allowance.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Minters gets $1.8 billion deal done for IAG
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Applauds
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
Mentoring
Aug 21 2017
Top-tier offers targeted mentoring for Indigenous law students
Students at Macquarie University will be the first to benefit from a new Indigenous mentoring progra...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...