Transfer of CGU Insurance Limited business into Insurance Australia Limited
On August 1st 2017, CGU Insurance Limited transferred all of its insurance into a related company Insurance Australia Limited ABN 11 000 016 722 (IAL). In doing so, Pacific Indemnity Underwriting Solutions Pty Ltd is now acting on behalf of the insurer, Insurance Australia Limited (IAL) AFSL 227681.
What did happen?
CGU Insurance Limited ABN 27 004 478 371 had its Federal Court of Australia Confirmation Hearing and received approval to transfer all of its insurance into a related company Insurance Australia Limited ABN 11 000 016 722 (IAL) on the 1 August 2017. CGU’s application was one of seven happening at the same time, as separate IAG businesses are transferred into IAL.
Why did IAG do this?
CGU was part of Insurance Australia Group Limited ABN 60 090 739 923 (IAG). Businesses within IAG had nine separate insurance licences. IAG is working to become a simpler, more efficient and agile business. Reducing the number of insurance licences they hold will help to achieve this, and will contribute to providing a better service to customers.
What does this mean for our customers?
The transfer has no impact on our customers. The terms of the policy does not change after 1st August 2017 other than IAL becoming the insurer under the policy; there is no impact on claims; and your policies will continue to operate and be renewed in the same way.
How to find out more?
More information is available at www.iag.com.au/licences.