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

Reuters

2024/11/28

** 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))

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08:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-Insurance Australia Group at nearly 5-1/2-year high on A$855 mln deal</title></head><body><p>** Insurance Australia Group <span>IAG.AX</span> gains as much as 5.6% to A$8.64, highest since July 31, 2019</p><p>** Stock among top gainers on benchmark ASX 200 index <span>.AXJO</span></p><p>** 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</p><p>** Per the deal, IAG will provide general insurance products and services to RACQ members and Queenslanders</p><p>** Acquire 90% of RACQ's existing insurance underwriting business for A$855 mln ($555.7 mln)</p><p>** Stock up ~45% this year, as of last close</p><p>($1 = A$1.5387)</p><p> (Reporting by Sherin Sunny in Bengaluru)</p><p> 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