Mon, 15 Aug 2011 | BUSINESS SALE
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.
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.