Proposal to Transfer CGU Insurance business into Insurance Australia Limted
Proposal to transfer CGU Insurance Limited business into Insurance
What is happening?
CGU Insurance Limited ABN 27 004 478 371 will apply to the Federal Court of Australia to transfer all of
its insurance business into a related company Insurance Australia Limited ABN 11 000 016 722 (IAL) on
or about 1 August 2017. CGU’s application is one of seven happening at the same time, as separate IAG
businesses are transferred into IAL.
What does this mean for me?
The proposed transfer will have no impact on you as a CGU customer. The terms of your policy will not
change after the transfer date other than IAL becoming the insurer under your policy; you can continue to
contact us in the same way that you do now; there will be no impact on claims; and your policies will
continue to operate and be renewed in the same way.
Why are we doing this?
CGU is part of Insurance Australia Group Limited ABN 60 090 739 923 (IAG). Businesses within IAG
currently have nine separate insurance licences. IAG is working to become a simpler, more efficient and
agile business. Reducing the number of insurance licences we hold will help to achieve this, and will
contribute to us providing a better service to customers.
What happens next?
Transferring CGU’s business into IAL requires a scheme which has to be confirmed by the Federal Court
of Australia before it can take effect. If the scheme is confirmed, IAL will become the insurer for all the
policies issued by CGU from the date the scheme is confirmed. There are seven schemes happening at
the same time, one for each of the separate IAG businesses that are being transferred into IAL; CGU
Insurance Ltd ABN 27 004 478 371; Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680; WFI Insurance
Ltd ABN 24 000 036 279; CGU-VACC Insurance Ltd ABN 73 004 167 953; Mutual Community General
Insurance Pty Ltd ABN 59 007 895 543; HBF Insurance Pty Ltd ABN 11 009 268 277; IAG Re Australia
Ltd ABN 96 001 948 278.
We expect the Court hearing to take place in July 2017.
How can I find out more?
To find out more about the scheme, or if you are interested in attending the Court hearing:
• Visit our website at www.iag.com.au/licences to access key documents related to the scheme
including a copy of the scheme summary, the scheme, notice of intention, and actuarial report on
which the scheme is based.
• Email us at email@example.com
• Phone our information line on 1800 907 424
Do I need to do anything?
No, but if you wish to object, you have the right to attend, and ask to speak at, the Court hearing. Further
information about the Court hearing can be obtained using the contact information set out above.