News
Insurance Australia Group acquires Equity
04 Dec 2006
Major player Insurance Australia Group (IAG) is to acquire Equity Insurance Group, The scale and strength of IAG will equip Equity to continue with its UK expansion in the general insurance market.
Under the umbrella of IAG, Equity will continue their plans to grow their car insurance, home insurance, travel insurance and motorbike insurance products, through their online brand insure, as well as Equity Red Star, and Equity Brokers.
IAG is the leading general insurance group in Australia and New Zealand, and is focussed on growing it's business in the UK. They have already entered the general insurance market in Europe and Asia. Neil Utley, CEO at Equity, will retain his current position and will join IAG's executive team.
Michael Hawker, IAG's CEO adds: Equity is an ideal fit with our acquisition criteria in mature markets like the UK. It's a motor-led insurance business with consistently high margins and a strong management team.