IAG exits UK market with Equity and broker sales
Insurance Australia Group (IAG) has confirmed the sale of Equity Red Star and its independent commercial brokers including Barnett & Barnett and NBJ in two separate deals.
The provider announced that Equity Red Star will be sold to Aquiline Capital Partners, a private equity investment firm specialising in financial services, for £87m (approximately AU$130m).
While the sale is subject to regulatory approval, it is expected to be completed in the second half of IAG's financial year ending 30 June 2013.
The insurer also revealed that an exclusive arrangement had been established with a consortium led by the existing management team to buy the specialist commercial
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