(Re)Insurance and Regulation Focus - week commencing 27 July 2026

Key developments in the last fortnight

Private Equity interest in Steadfast grows

Private equity interest in the insurance sector continues to build, with KKR joining Amwins and Dragoneer in the consortium pursuing the proposed $7.7 billion acquisition of Steadfast. The consortium has reaffirmed its $6-per-share indicative offer and entered a period of soft exclusivity while due diligence progresses. The move underscores the strategic value investors see in insurance distribution and underwriting businesses, although a binding agreement has yet to be reached.

KKR joins US partners’ buyout bid for Steadfast

IAG takes further steps to secure RAC acquisition approval

IAG has proposed a series of commitments to address ACCC concerns surrounding its planned $1.35 billion acquisition of RAC Insurance. The remedies include measures aimed at maintaining competitive pricing in WA and commitments relating to the smash repair market, areas identified by the regulator during its review. The outcome will be closely watched as it may shape future consolidation activity within the Australian insurance sector.

IAG makes RAC ‘remedy offer’ to sweeten deal for regulator

APRA finalises amendments to general insurance reinsurance framework

APRA has finalised amendments to the general insurance reinsurance framework, providing insurers greater flexibility to access alternative reinsurance arrangements while maintaining safeguards for policyholders. The reforms expand the role of Appointed Actuaries in determining capital treatment for certain arrangements and reduce the need for regulatory referrals, supporting a more efficient and modern prudential framework. With the changes taking effect from 1 January 2027, the update reflects APRA’s ongoing focus on balancing risk management, market innovation and regulatory burden reduction across the insurance sector.

APRA finalises amendments to general insurance reinsurance framework

NIBA advances industry reform with new Code of Practice

NIBA has released the draft version of its revised Insurance Brokers Code of Practice for public consultation, marking a significant step in the profession's ongoing evolution. Key proposals include greater remuneration transparency, stronger protections for vulnerable customers, enhanced conflict management requirements and a commitment to contact clients before renewal. The draft reflects a growing focus on trust, transparency and customer outcomes across the insurance broking profession.

NIBA Draft 2027 Insurance Brokers Code of Practice

Key dates

• 7 August 2026 – Consultation on draft Insurance Brokers Code of Practice closes.
• 21 August 2026 – APRA consultation on updates to reporting framework closes.
• 28 August 2026 – APRA consultations on amendments to CPS 510 closes.

In case you missed it

The Sparke Helmore team presented a webinar with the Australian Insurance Law Association, When Regulators Bite: Landmark Fines and Director Accountability on 7 July 2026.

Further, our team presented a session with the Underwriting Agencies Council, M&A for MGAs: Opportunities and Risks in MGA Business Sales on 16 July 2026.

If either of these topics are of interest to you, please reach out and let us know.