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Wesfarmers Ltd agrees to sell Insurance Broking And Premium Funding Operations

Sunday, 6 Apr 2014 05:44pm EDT 

Wesfarmers Ltd:Says it has agreed to sell the insurance broking and premium funding operations of its Insurance division to subsidiaries of Arthur J. Gallagher & Co. for $1.10 bln.Says in addition to the purchase price, Wesfarmers will receive a distribution of about $150 mln to repay funding of the premium funding operations.On completion of the transaction, Wesfarmers expects to record a pre-tax profit on sale of about $310 mln to $335 mln.Says insurance broking businesses comprise OAMPS Insurance Brokers in Australia, OAMPS UK and Crombie Lockwood in New Zealand.Says the premium funding operations in Australia and New Zealand comprise Lumley Finance and Monument Premium Funding.Says sale is subject to a number of conditions precedent including obtaining approvals from the Foreign Investment Review Board in Australia, Overseas Investment Office in New Zealand and the Financial Conduct Authority in the United Kingdom.Achieving satisfaction of the conditions precedent is expected to take several months. 

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