IAG has sold its Accident and Health International Underwriting agency to Tokio Marine Management (Australasia).

The agency, which specialises in accident, medical and corporate travel, opened its first office in Sydney in 1998 and has been owned by IAG since 2010.

“While IAG has enjoyed a rewarding partnership with AHI, we recognised there is an opportunity for AHI to expand beyond IAG’s focus of Australia and New Zealand and that Tokio Marine is a more natural owner of AHI to support its growth ambitions,” Executive Manager Broker and Agency Brad Robson said.

Tokio Marine says the acquisition aligns with its strategy to grow selected specialty lines of business in the region.

“This acquisition presents attractive opportunities for the group to grow and expand these lines of business across the Oceania region and beyond,” Tokyo Marine Management (Australasia) CEO Shigekazu Ueno said.

More details in our Daily bulletin this afternoon.