Insurance Australia Group Limited (ASX:IAG) has advanced its takeover of New Zealand’s second largest general insurer, AMI Insurance.
IAG says it has scored regulatory approval from the New Zealand Commerce Commission and Overseas Investment Office.
IAG is now awaiting final approval from the Reserve Bank of New Zealand in order to complete the acquisition.
IAG inked a deal to buy AMI Insurance for $290 million at the end of 2011.
In the first half of the 2012 financial year IAG posted a net profit of $167 million.
