ROYAL Automobile Club of WA chief executive Terry Agnew has announced that the not-for-profit organisation has bought Suncorp-Metway Ltd’s 50 per cent stake in RAC Insurance. The half-share was originally sold by RAC of WA to Promina, which was taken over by Suncorp-Metway, for $100 million in 2001. RAC exercised its right to buy back the stake after the Promina acquisition was finalised, exercising a clause in the original agreement relating to ownership changes in its joint venture partner. Mr Agnew said industry rationalisation and technology changes reduced the need to have a joint venture partner. “We felt we were able to differentiate ourselves if we wholly owned the business,” Mr Agnew said.

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