Swinton deal for IAG branches confirmed

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