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LAWFUEL – Law News Network- Lovells is acting for Insurance Australia Group (IAG) on its acquisition of Equity Insurance Group for £570 million, which was announced on Monday 4 December. Equity is the UK’s fifth largest motor underwriter, the eighth largest motor insurance broker and the largest motorcycle insurer. It operates through two key businesses – Equity Insurance Brokers and Equity Red Star, Lloyd’s largest motor insurance syndicate.
The acquisition is a good strategic move since it fits with IAG’s decision to focus on stable yet profitable markets. Equity has an unbroken 37-year record of profitability, and a combined operating ratio that has outperformed the UK motor market by an average of 15% per annum over the past 25 years.
The Lovells team was led by corporate partner Tim Goggin with support from assistants Steven McEwan and Neil Chisholm. Tax advice was provided by partner Kevin Ashman.
Commenting on the acquisition, Tim Goggin said:
“We are delighted to have assisted IAG with this strategic acquisition. It is a good reflection of the strength-in-depth Lovells has in insurance, tax and private equity and our focus on high-value and complex transactions for major international businesses.”
