Insurance Australia Group (IAG) is selling off its direct marketing unit Hastings Direct as part of a management buyout, in a deal worth 23.5 million pounds ($34.9 million).
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Insurance Australia Group (IAG) is selling off its direct marketing unit Hastings Direct as part of a management buyout, in a deal worth 23.5 million pounds ($34.9 million).
The deal includes the Internet-based operations that trade under the Insure brands, according to IAG.
The management buyout will be led by Hastings chief executive Edward Fitzmaurice and Keith Charlton, chief executive of Advantage, IAG’s underwriting unit.
The deal is part of IAG’s decision to sell its mass-market distribution businesses in the UK for a total value of 73.5 million pounds ($109.2 million), in line with its strategy to concentrate on its profitable specialist motor underwriting business in that market.
