IAG UK restructures UK operations
Insurance Australia Group Limited (IAG), the owner of Equity Insurance Group, Hastings Direct and Advantage Insurance Company, has announced that, following a wide ranging strategic review, the company intends to restructure its UK operations to become a specialist operator in this region.
In a statement, IAG said: "Following a delay in the anticipated hardening of the UK motor market, the growth of aggregators and the continued strong pricing competition on mass market products, IAG has taken the decision to focus on its specialist underwriting and distribution operations.
"It will restructure Equity Red Star (ERS), Equity Direct and Barnett & Barnett in order to create a stand-alone specialist underwriting/distribution and wholesale distribution business.
"Following the
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