Wesfarmers to sell insurance broking unit to Arthur J. Gallagher

SYDNEY, April 7 Sun Apr 6, 2014 8:07pm EDT

SYDNEY, April 7 (Reuters) - Australia's Wesfarmers Ltd has agreed to sell its insurance broking and premium funding businesses to Arthur J. Gallagher & Co for A$1.01 billion ($938.74 million), the company said on Monday.

The sale, following another deal for Wesfarmers to sell its insurance underwriting businesses to Insurance Australia Group Ltd for A$1.85 billion, is subject to regulatory approvals that include Australia's Foreign Investment Review Board, Wesfarmers said.

($1 = 1.0759 Australian Dollars) (Reporting by Maggie Lu Yueyang; Editing by Paul Tait)

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