IAG insurance australia group limited
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  1. FNN News
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    16/12/11
    10:35
    Post #: 9448968
    .


    Insurance Australia Group Limited (ASX:IAG) has bought AMI Insurance, New Zealand’s second largest general insurer, for $290 million.



    The acquisition excludes all liabilities relating to the earthquakes affecting the Christchurch and Canterbury regions.



    Combining IAG and AMI in New Zealand is expected to generate at least $23 million a year in synergies within two years. But integration will cost $30 million.



    In fiscal 2011 IAG posted a net profit of $338 million.


    IAG Price at posting: $3.13 Sentiment: None Disclosure: Held
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