IAG FOCUSES ASIAN ATTENTION AWAY FROM LLOYD’S

Insurance Australia Group has said it no longer requires a Lloyd’s managing agency and specialist Asian syndicate to support its Asian business. As part of the group-wide shake-up announced by IAG chief executive Michael Wilkins, the company intends to pursue “selected growth opportunities in Asia” – particularly in Thailand, where is expecting organic growth, Malaysia, where it is eying organics and acquisitive growth, India, where its joint venture with the State Bank of India is expected to by operational towards the end of next year, and China. It will also focus on its core Australian and New Zealand markets. But the group is now looking to exit its involvement in Alba’s Lloyd’s syndicate 4455 and the Diagonal Underwriting Agency. IAG bought managing agency Alba Group and its Asian syndicate 4455 from Whittington in 2006 (IDnewscentre, Jun 16, 2006).