IAG tipped to take over UK insurer
IAG may be having a second shot at the UK insurance market. It has been named among the front-runners to acquire UK retail insurance provider HSBC Insurance.
The British trade press has tipped IAG as a likely buyer of the insurer, seven months after the Australian insurer sold its under-performing UK mass market distribution assets for £73.5 million ($151 million).
While declining to confirm the reports, an IAG spokesman told insuranceNEWS.com.au the company “has said for some time it would consider selective, specialist growth opportunities, where it makes sense to do so”.
“IAG continues to consider a wide range of options, and will advise the market if any material developments should emerge as a result.”
The group maintains control of profitable UK motor underwriter Equity Red Star.
The British trade press has tipped IAG as a likely buyer of the insurer, seven months after the Australian insurer sold its under-performing UK mass market distribution assets for £73.5 million ($151 million).
While declining to confirm the reports, an IAG spokesman told insuranceNEWS.com.au the company “has said for some time it would consider selective, specialist growth opportunities, where it makes sense to do so”.
“IAG continues to consider a wide range of options, and will advise the market if any material developments should emerge as a result.”
The group maintains control of profitable UK motor underwriter Equity Red Star.