Insurance Australia sells UK business to Aquiline Capital
Insurance Australia Group has agreed to sell its UK business – Equity Red Star – to Aquiline Capital Partners for GBP87 million ($140 million). The transaction is scheduled for completion before June 2013.
The Australian insurer expects to incur a net loss of A$240 million ($253 million) in the current financial year related to the disposal of Equity Red Star. Mike Wilkins, the company's CEO, said that...
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