Insurance Australia Group at nearly 5-1/2-year high on A$855 mln deal

Bank of Queensland

28/11/2024 24:42

** Insurance Australia Group  IAG.AX  gains as much as 5.6%
to A$8.64, highest since July 31, 2019
    ** Stock among top gainers on benchmark ASX 200 index
 .AXJO 
    ** Insurer to enter 25-year exclusive strategic alliance
with Royal Automobile Club of Queensland (RACQ), which provides
roadside assistance, insurance, banking and travel assistance to
its members
    ** Per the deal, IAG will provide general insurance products
and services to RACQ members and Queenslanders
    ** Acquire 90% of RACQ's existing insurance underwriting
business for A$855 mln ($555.7 mln)
    ** Stock up ~45% this year, as of last close

($1 = A$1.5387)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))