18 Dec 2012

UK brokerage sold by IAG

8:02 am on 18 December 2012

Australian insurer IAG has sold a specialist broking arm in Britain.

The business has been bought by the existing management team for about £10 million.

The company, which owns NZI, State Insurance and AMI in New Zealand, says the total net loss on sale of the operations will be about $A240 million.