Vero Insurance Limited - proposed acquisition of Terri Scheer Insurance Brokers Pty Ltd
Type of assessment
Informal Review
Reference
27393
Acquirer(s)
Vero Insurance Limited
Target(s)
Terri Scheer Insurance Brokers Pty Ltd
Industry
Insurance
Summary
Vero Insurance Limited (a wholly owned subsidiary of Promina Group Ltd, which has recently been acquired by Suncorp Metway Limited) proposes to acquire Terri Scheer Insurance Brokers Pty Ltd.
Outcome of assessment
Not opposed
Total review days *
6
Commenced public review
2nd April 2007
Date completed
11th April 2007
Market definition
For the purposes of this competition assessment, the relevant market was considered to be the national market for the manufacture and supply of home insurance and other types of domestic insurance excluding motor vehicle insurance.
Competition analysis
The ACCC formed the view that the acquisition is unlikely to substantially lessen competition in the relevant market, as the target firm only accounts for a very small market share, and there are a number of insurers who are likely to be able to constrain the merged firm.
Review timeline
Date
Event
2nd April 2007
ACCC commenced review under the Merger Review Process Guidelines. Market inquiries commenced.
11th April 2007
ACCC announced it would not oppose the proposed acquisition
* Total Review days = Total business days less public holidays and time during which the review was suspended.
