Farmcove Investment to acquire Andrew's Insurance from BOQ for A$23m.

Farmcove Investment, an investment vehicle, agreed to acquire Andrew's Insurance, a the insurance business, from Bank of Queensland, an Australian bank, for A$23m. Completion of the transaction is subject to certain conditions, including regulatory approval from APRA. “The sale of St Andrew’s represents an important strategic milestone for BOQ. We are delighted to have secured a buyer that has a long term vision for the business which includes meeting the continued obligations of policyholders. The divestment enables us to focus on our niche customer segments while simplifying our business model,” George Frazis, BOQ Managing Director and CEO.