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.
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