IAG acquires Equity to gain UK foothold

Insurance Australia Group (IAG) has acquired Equity Insurance in a bid to develop its presence in the UK.

Equity will now become a key part of IAG's growing presence, which currently comprises Hastings and Advantage, which were acquired in September 2006.

Following the acquisition, Neil Utley will remain as chief executive of Equity and join IAG's executive team. He commented that IAG was keen to expand into other countries and become a significant presence in the UK market: "IAG is a major player

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