Insured Group has pulled out of its deal to buy 51% of Melbourne-based International Vehicle Integrity Centre (IVIC).

The company assesses passenger motor vehicles for structural integrity following accidents and reports to insurers and owners.

Insured Group MD Wayne Miller told insuranceNEWS.com.au the acquisition didn’t pass his company’s due diligence process.

“We assessed the acquisition and it didn’t meet our investment criteria,” he said. “I can’t tell you what parts of the due diligence it didn’t meet as we have signed a confidentiality agreement with IVIC.”

The deal proposed to give the owners of IVIC 49% of the fully paid ordinary shares in Insured Group. They would also have been offered seats on the Insured Group board.

Mr Miller says the company is now looking at a number of other commercial propositions, but declined to reveal any details.