IAG News

Insurance Australia Group, AMMB Seek to Sell Their Malaysian Auto Insurer: Sources

The owners of AmGeneral Insurance Bhd., Malaysia’s second-biggest auto insurer, have restarted a sale process and are seeking as much as $1 billion for the company, people with knowledge of the matter said. Kuala Lumpur-listed AMMB Holdings Bhd. and Insurance …

Australia Insurer IAG Announces CEO Harmer to Retire; Hawkins Named Deputy CEO

Australian insurer IAG announced that Peter Harmer, managing director and chief executive officer, plans to retire by the end of 2020. A flexible nine-month period of transition has been agreed with Harmer to ensure a smooth changeover, said Sydney-based IAG …

PERILS Offers Windstorm Forecasting Platform in Australia, Updates Europe Service

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has launched a windstorm forecasting platform in Australia and updated its existing service in Europe. The website, called “Wind-Jeannie,” was first launched in Europe in September 2015. Designed to …

Insurance Australia Group Plans to Sell Troubled SE Asian Businesses: Sources

Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, under a review of its Asian operations, three people with knowledge of the matter said. IAG, Australia’s biggest …

Australia’s IAG Forms Capital-Releasing Deals with Munich Re, Swiss Re, Hannover Re

Insurance Australia Group Ltd. said on Friday it will share 12.5 percent of its premiums and costs with Munich Re, Swiss Re and Hannover Re, in a series of deals that will release capital for Australia’s biggest general insurer. The …

New Zealand EQ Insured Losses Could Top $3B: AIR Worldwide

Catastrophe modeling firm AIR Worldwide released its initial estimates of industry insured losses from the earthquake that struck New Zealand’s South Island early this week, putting a range of $762 million to $3.5 billion out for the event (NZD1.15 billion …

Insurance Australia Scraps Plans for Further China Investment

Insurance Australia Group Ltd. scrapped plans for further investment in China and will instead seek growth in other Asian markets, in a sign that Australia’s hopes of boosting services exports to the world’s second-largest economy may be difficult to achieve. …

Berkshire Hathaway to Buy Stake in IAG to Boost Australia Insurance Sales

Warren Buffett’s Berkshire Hathaway Inc. will pay A$500 million ($388 million) for a stake in Insurance Australia Group Ltd. as part of a plan to expand in the region. The agreement will give Berkshire 20 percent of IAG’s insurance premium …

Insurance Australia Group to Review UK Business

Insurance Australia Group’s Managing Director and CEO Mike Wilkins has indicated that it is an “appropriate time to assess the options for the UK business, given the improvement in its performance and the current UK economic conditions.” IAG reported that …

IAG Malaysia Partner Gets Regulatory Approval for Kurnia Insurans Deal

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 …