IAG bolsters balance sheet in Gabrielle’s shadow

Claims on the floods alone have topped $1 billion. (Image: Getty)

Wed, 15 Mar 2023

IAG, New Zealand’s biggest general insurer, got a capital injection after the spate of weather events devastated much of the North Island. The local arm of the Australian-owned insurer, which operates brands such as NZI and State, issued 100 million new shares to its immediate parent on Feb 24, bolstering the NZ branch’s equity to 2.01 billion shares on issue, according to Companies Office filings. An IAG spokesperson said the internal transfer will support capital in NZ following the January flooding event in Northland an...

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