** 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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