IAG insurance australia group limited
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News: IAG to offload UK operations

  1. FNN News
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    14/12/12
    11:39
    Post #: 11188790
    .

    Insurance Australia Group Limited (ASX:IAG) has sold its UK based Equity Red Star business to privately owned New York based equity and venture capital firm Aquiline Capital Partners for $133 million.



    Equity Red Star is expected to report a loss of $240 million for the current financial year.



    CEO Mike Wilkins says the sale option delivers the best outcome for IAG shareholders amid challenging industry conditions in the UK market.



    The insurer will also offload another UK arm, specialist commercial broking business Independent Commercial Brokers, with finer details of the transaction yet to be released.



    Insurance Australia Group reported a net profit of $265 million in the 2012 financial year. 
    IAG Price at posting: $4.70 Sentiment: None Disclosure: Held
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