(PRWEB) December 6, 2006
Equity, the Brentwood-based insurance group, has been acquired by leading Australian company, IAG for £570m. The deal, which is subject to regulatory approval, is expected to complete in early 2007.
One of the UK's largest motor and household insurers, Equity employs almost 1500 people and provides cover for more than a million policyholders. Its flagship brands include on-line insurer, insure.co.uk (http://www.insure.co.uk); Equity Red Star, the Lloyd's underwriting business and Equity Insurance Brokers, its network of 70 high street branches.
Neil Utley, Equity's chief executive says being part of a larger group will bring greater business development opportunities.
"This is the right time for us to be initiating the next phase of Equity's strategic development," he said. "We are joining a well regarded and professional insurance company, giving us access to greater resources with which to accelerate our growth strategy in the UK market."
IAG is the leading general insurance group in Australia and New Zealand, with a growing presence in Asia and Europe. It is listed on the Australian Stock Exchange with a market capitalisation of around A$9bn (£3.67bn).