Insurance Australia Group (IAG) has expanded its Asian operations by purchasing a new managing agency from Lloyd’s of London that will operate under the name Alba Group.

Alba is a specialist Asian syndicate that will support the development and management of IAG’s expansion in Asia. The business will enable IAG to add value to its portfolio by providing reinsurance support to its new Asian subsidiaries and partners.

IAG will also have access to Lloyd’s first multiline syndicate for Asian business and further access to all markets Lloyd’s is licensed in.

CEO Michael Hawker says Alba puts IAG in a strong position to take advantage of reinsurance opportunities and continue building a portfolio of Asian assets.

IAG will provide most of the capital in support of the syndicate in conjunction with the Whittington Group, the underwriters and Alba’s management team.

Alba will complement a portfolio of Asian insurance subsidiaries bought by IAG, including Thailand’s Safety Insurance Public Company, AmAssurance and Royal & SunAlliance Thailand.