IAG courts interest in UK arm as review continues
IAG has told Insurance Times that it is holding talks with potential buyers of its UK business, which includes troubled Lloyd’s underwriter Equity Red Star.
It follows the decision to begin a strategic review of its entire UK operations, announced in May, to consider the future of the business.
A spokesman said: “As previously announced, IAG is conducting a strategic review of its UK operations. The strategic review is considering all options. These include, but are not limited to, a continuing focus on improving the business’ performance within the current operating model, refining the business’ strategy to a more focused specialist motor offering, and exploring options for a potential sale of all or part of the business to a strategic purchaser or to management.
“We are currently speaking to interested parties and there is no sale agreement at this time.”
This latest update adds to speculation that the management team behind IAG UK’s broking arm Barnett & Barnett is eyeing a buy-out of the business.
The statement is also likely to dampen talk that IAG could face a battle to find a buyer for Equity.
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