IAG Completes Equity Group Purchase

Insurance Australia Group Limited announced that it has completed the purchase of the UK auto underwriter and broker Equity Insurance Group (See IJ web site Dec. 6), as of Jan. 8, 2007.

IAG noted that the total consideration was, as originally announced, A$1.397 billion (£570 million – US$1.12 billion). The acquisition has received the approval from Lloyds and the UK Financial Services Authority (FSA).

Neil Utley, Equity’s CEO, has joined IAG’s executive team, as of Jan. 8.