IAG mulls sale of UK operations...
May 17, 2012
Insurance Australia Group (IAG) has embarked on a strategic review of its Lloyd’s operation Equity Red Star and confirmed it would consider selling all or part of the business. The fortunes of IAG’s UK operations have improved dramatically –an eye-watering A$121m ($120.1m) loss in the second half of 2010 was slashed to just A$5m in the second half of last year – and Equity Red Star chief executive, Ian Foy, told Insurance Day last month the business was on course to return to profit this year. According to Mike Wilkins, managing director and chief executive of parent group IAG, now is an “appropriate time to assess the options for the UK business, given the improvement in its performance and the present UK economic conditions” He acknowledged the review would consider a number of options, including “a continuing focus on improving the business’ performance...