The increasingly heated race to acquire Asian businesses hasn’t been limited to QBE, with IAG making some bold steps into the neighbourhood.

After securing a shareholding in a major Malaysian player late last year, it recently announced it’s talking to Beijing-based China Pacific Property Insurance about buying a slice of its action as well.

The group has confirmed only that it is in discussions with China Pacific Property Insurance “about a proposed investment in that company”, and doesn’t want to comment any further.

“If any agreement is reached, IAG will advise the market accordingly,” a spokesman said.

In late December the company appointed former ANZ executive Justin Breheny as CEO of its Asian operations. This followed the retirement of Deputy CEO Ian Brown, an industry veteran who also headed up the group’s International & Reinsurance operation.

IAG said in a statement that the appointment of Mr Breheny, who is due to start in March, is directly related to the group’s planned regional expansion. Group Executive Officer to the CEO Christine McLouglin has assumed responsibility for IAG’s Asian operations until Mr Breheny takes up his new position.

Earlier this month the Malaysian Finance Ministry gave its approval for IAG to buy 30% of AMMB Holdings’ insurance business AmAssurance for $69 million. IAG plans to increase its share over time to 49%, the maximum foreign ownership allowed by Malaysia.

CEO Michael Hawker says the Asian acquisitions are in line with the goal “to supplement our existing businesses in our home markets of Australia and New Zealand”.