Insurance Australia Group Ltd (IAG) has put three of its UK businesses up for sale two years after entering the UK market. Lexicon Partners are acting as advisors for the sale. IAG, the home and car insurer, intends to keep Equity Red Star, its profitable UK specialist motor underwriter, and sell UK Hastings Insurance, Advantage Insurance and the broking arm of Equity Insurance.Former CEO Michael Hawker bought Hastings Direct, a car insurance broker, and sister company Advantage in October 2006 for £140m. Hawker then purchased a rival bidder for Hastings and Advantage, Equity Insurance Group for £570m.