Royal Automobile Clubs are hot property as three major brands across Australia hit the deals circuit.
On Friday, Australia’s largest general insurer, IAG,announced it would acquire the insurance business of the Royal Automobile Club of Queensland for $855 million.
Four days later, global insurance firm Allianz’s Australian business announced a major 20-year deal with Royal Automobile Association of South Australia worth $642 million.
Now, Street Talk understands The Royal Automobile Club of Western Australia has tapped Barrenjoey’s financial services and technology group to run a strategic review of its insurance arm.
RAC WA was established more than a century ago and today has more than 1.3 million members touching more than 60 per cent of WA households.
Property stocks dragged the Australian sharemarket lower today amid disappointing economic data and as sector heavyweight Goodman Group dived on a repricing of a $1.9 billion block trade.
