IAG exits UK market with Equity and broker sales

Australia

The provider announced that Equity Red Star will be sold to Aquiline Capital Partners, a private equity investment firm specialising in financial services, for £87m (approximately AU$130m).

While the sale is subject to regulatory approval, it is expected to be completed in the second half of IAG's financial year ending 30 June 2013.

The insurer also revealed that an exclusive arrangement had been established with a consortium led by the existing management team to buy the specialist commercial

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