The Insurance Australia Group Limited (IAG) announced that its 49 percent-owned Malaysian associate, AmG Insurance Berhad, has received regulatory approval for a possible acquisition of Kurnia Insurans (Malaysia) Berhad, the principal general insurance business of Kurnia Asia Berhad.
IAG first announced that a possible deal for Kurnia was in the works last December. The company indicated, that if the transaction were completed, it “would result in the merged AmG and Kurnia business attaining the leading position in the Malaysian motor insurance market, in line with AmG’s and IAG’s stated strategy.”
IAG added that it “will update the market if there are any further developments in relation to the above.”
Source: Insurance Australia Group