IAG is close to completing a reorganisation aimed at cutting the number of authorised insurers it operates and cleaning up some business operations. WA’s SGIO and SA’s SGIC have had their contracts, assets and liabilities transferred to subsidiary company Insurance Australia Limited (IAL).

IAL will continue to issue general insurance products under the SGIO and SGIC brands.

IAG spokesman Chris Jackson says IAG has been working to reduce the number of insurance licences it maintains. “As part of this process, we changed the issuer of SGIO and SGIC Personal Insurance products to IAL, but there have been no changes to customers’ benefits and cover.

“Their policy entitlements, terms and conditions remain the same and claims continue to be processed in the usual way. We are keeping both the SGIO and SGIC brands.”