Swinton deal for IAG branches confirmed
Insurance Australia Group Limited has agreed to sell its "mass market distribution businesses" in the United Kingdom for a total value of £73.5m.
IAG's UK insurance branch network will be sold to Swinton Group for £50m and Hastings and Advantage businesses will be sold via a management buy out for £23.5m.
These transactions, combined with the costs relating to the recent closure of IAG's specialist Lloyd's syndicate Alba and associated underwriter Diagonal, will result in IAG recognising a pre-tax loss of approximately £40m.
IAG managing director and chief executive officer Mr Michael Wilkins said: "Since we stated our intention to sell the
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