News
Acquisition of Equity Insurance Group by Insurance Australia Group now complete
09 Jan 2007
Further to the announcement of December 4, 2006, the acquisition of Equity Insurance Group by Insurance Australia Group (IAG) was completed today.
Equity was acquired for £570m, which was subject to FSA and Lloyds regulatory approval and provides IAG with a profitable underwriting and broking business in general insurance, including car insurance, and home insurance provided by insure.
Equity CEO, Neil Utley has joined IAG's executive team. He said: "The completion process has been smooth and rapid, and as a management team we have retained focus on growing our business. IAG's strength and resources will provide the means to accelerate the execution of our expansion strategy."
