Insurance Australia Group (IAG) has put its UK-based motor insurance business Equity Red Star and its commercial insurance broker Barnett & Barnett on the market, as it looks to exit the country, the Mail on Sunday reported.
In 2008, two years after entering the British market, IAG sold the majority of its UK businesses, which included Hastings Direct, Advantage Insurance and brokering arm Equity Insurance.
Established in the 1940s, Equity Red Star is the sixth biggest motor insurer in Britain. It offers insurance for cars, vans, motorcycles, taxis, minibuses, agricultural vehicles; as well as for motor breakdown, household and personal accidents.
With about 3,000 staff, it has offices in Brentwood, Essex, Swansea, and Birmingham. It reported losses of £76 million for the year to 31 December.
Headquartered in Isleworth, Middlesex, Barnett & Barnett Limited provides insurance, financial services and risk management services to its clients. It recorded revenues of £3.6 million for the year ending 30 June 2010, with pre-tax profits of £760,000.
IAG declined to comment on the sale to the Mail on Sunday.
Separately, it has been reported that IAG has taken steps to increase its presence in Asia. It recently paid about $100 million for a 20 per cent stake in the Chinese general insurer Bohai Property Insurance.
