Insurance Australia Group to acquire RAC from RACQ.

Insurance Australia Group, an Australian insurance company, agreed to acquire RAC, an insurance underwriting arm of The Royal Automobile Club, from RACQ, an insurance company, for A1.35bn. "We’re excited to partner with RAC to help protect and serve more Western Australians. RAC is a highly trusted institution with a quality insurance business and strong member relationships. This partnership lays a solid foundation for continued commitment to Western Australia, the nation’s top performing economy," Nick Hawkins, IAG Managing Director and CEO.