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1999
Nrma Mutual Row Brews
Illawarra Mercury
Saturday July 10, 1999
The battle to decide the future of NRMA Insurance Ltd heated up yesterday when an anti-float team announced its candidates for the election of the NRMA's board.
Called Members Mutual, the group's line-up was unveiled as analysts valued the insurance arm of the motoring services group at $5 billion.
An independent study by Macquarie Equities analysts Tony Jackson and Steve Wheen said the demutualisation and listing of NRMA Insurance would ``unlock $5 billion worth of member value".
The valuation was backed up by Merrill Lynch financial services analyst Andrew Kearnan.
NRMA president and pro-float advocate Nick Whitlam said the valuation ``looks credible".
But Members Mutual will campaign against listing of the insurance arm.
The group includes environmentalist Genevieve Rankin, former NRMA patrolman Arthur Llewellyn and social rights campaigner and academic Eva Cox.
Ms Cox said the insurance arm would neglect the service element of its character and be captive to commercialism if it became a listed company.
``I don't think shareholders keep the bastards honest," she said.
© 1999 Illawarra Mercury