Big general insurer Insurance Australia Group (IAG) has announced the sale of its entire UK operations following a strategic group review.
The company confirmed the sale to the Australian Securities Exchange (ASX) today, saying it would occur in two separate transactions with one part.
Equity Red Star will be sold to private equity for around $130 million, and the smaller specialist commercial broking business will be sold to a consortium.
Announcing the sale, IAG managing director Mike Wilkins said the decision had only been taken after all options had been investigated.
"We believe the sale option delivers the best available outcome for IAG shareholders," he said.
