IAG insurance australia group limited
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  1. FNN News
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    17/12/12
    10:38
    Post #: 11196404
    .

    Insurance Australia Group Limited (ASX:IAG) has confirmed the sale of its specialist UK broking arm Independent Commercial Brokers (ICB) for approximately $15 million.



    ICB has been sold to its existing management team after being part of IAG since 2010.



    IAG says it expects a total net loss of approximately $240 million from the sale of its UK operations, as announced on Friday.



    IAG last week sold its UK based Equity Red Star business to a privately owned New York based firm for $133 million.



    Insurance Australia Group reported a net profit of $265 million in the 2012 financial year.
    IAG Price at posting: $4.71 Sentiment: None Disclosure: Held
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