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IAG buys cheap car insurance firm for £570m
Cheap car insurance provider Equity Insurance Group is to be sold to the Insurance Australia Group (IAG) for £570m.
Equity Insurance Group is made up of two parts; underwriting business Equity Red Star and Equity Insurance Brokers, which is a motor insurance brokerage firm.
IAG believe that the acquisition of Equity Insurance Group will mean a 10% increase on fiscal 2008 earnings per share.
This is the second recent UK acquisition IAG has made, the first being their purchase of motor insurance broker Hastings Direct in September.
Managing director of Argo Investments and IAG shareholder Rob Patterson explained why he believes IAG has launched this acquisition campaign for UK cheap car insurance providers.
He said: "They are clearly finding growth difficult in Australia, which is why they are spreading in Europe. So long as these acquisitions enhance earnings, we won't complain."
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