Reuters – IAG Sees $253M Loss On Sale of British Operations

Australian insurer IAG is to book a net loss of A$240 million ($253 million) on the sale of its British operations, including its Equity Red Star motor unit, Reuters wrote. IAG, which will focus on its domestic market and expanding in Asia, is selling Equity Red Star for 87 million pounds ($140 million) to private equity firm Aquiline Partners, it said. Its other British business, Independent Commercial Brokers, is being sold to management for an undisclosed sum.

DealsNorth AmericaUSBriefs