Aviva, PLC, once known as the insurance company CGNU, has agreed to sell its general insurance operations in Australia and New Zealand to the Insurance Australia Group (IAG) for A$1.86 billion (approximately U.S. $1 billion).
Negotiations between the two companies have been in progress for several days, and IAG shares have consequently been suspended while the talks continue. A formal announcement is expected to be made tomorrow.
IAG ranks as Australia’s largest general insurer, and Aviva’s CGU Australia is the third largest in terms of premiums written, which could cause some problems with obtaining the requisite regulatory approvals.
Topics Australia
Was this article valuable?
Here are more articles you may enjoy.
Shipper Escapes $41.9M Award for Man Paralyzed When Lights Fell From Pallet on Him 
Roof Costs Soar Even as Claims Decline: Verisk 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
