Insurance Australia sells unprofitable UK operations to buyout firm, managers

Thu, 13 Dec 2012

Dec. 14 (BusinessDesk) – Insurance Australia Group, whose ASX-listed shares have surged 63 percent this year, is selling its unprofitable UK operations, taking a loss of about $240 million on them in the 2013 year. The Sydney-based insurer, which runs the NZI, State and AMI insurance bands in New Zealand, will sell its Equity Red Star motor insurance business in the UK to buyout firm Aquiline Capital Partners for 87 million pounds. The sale will settle in the second half of this financial year, with IAG agreeing to retain existing pension fun...

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