Insurance Comparison News
Iag In $1.4bn Deal To Buy British Insurer
Tuesday December 5, 2006
AUSTRALIA'S largest general insurer will source 30 per cent of its revenue overseas after acquiring one of Britain's biggest insurance companies for $1.4 billion. Shares in Insurance Australia Group (IAG) are barred from trading until tomorrow as the insurer tries to raise $600 million for the deal through a "book-build" - a bidding process that sets the price of shares to meet demand from institutional investors. The target, Equity Insurance, is Britain's fifth-largest motor insurer and largest ...