QBE Insurance Group Ltd - proposed acquisition of PMI Australia
Type of assessment
Informal Review
Reference
33723
Acquirer(s)
QBE Insurance Group Ltd
Target(s)
PMI Australia
Industry
Insurance
Summary
QBE Insurance Group Ltd proposes to acquire PMI Australia.
Outcome of assessment
Not opposed
Total review days *
11
Commenced public review
18th August 2008
Date completed
1st September 2008
Market definition
The ACCC did not consider it necessary to reach a definitive view on market definition but is of the view that there are likely to be a range of markets for different insurance products.
Competition analysis
The ACCC formed the view that the acquisition was unlikely to substantially lessen competition in the relevant markets. Factors informing this conclusion included:
- there was minimal overlap between the operations of the merger parties; and
- the acquisition would not provide QBE Insurance Group Ltd with the ability to foreclose competitors in the relevant markets for insurance products.
Review timeline
Date
Event
18th August 2008
ACCC commenced review under the Merger Review Process Guidelines.
29th August 2008
Closing date for submissions from interested parties.
1st September 2008
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.
