Insurance Australia Group
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Insurance Australia Group Limited is an Australian publicly listed company with its shares traded on the Australian Stock Exchange as ASX: IAG.
The company was formed by the demutualisation of the NRMA Insurance business in July 2000 and a return of shares to the members of NRMA. According to its website on 15 January 2002, NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited.
Insurance Australia Group is the name of the listed entity and the symbol of the company. IAG is not a customer facing retail name. However it represents the holding company - which is the glue that holds the retail brands together.
Insurance Australia Group operates a number of different insurance brands in Australia, Asia and the UK including:
- CGU Insurance (acquired in January 2003)
- SGIO (acquired in 1998)
- SGIC (acquired in 1998)
- Swann Insurance (acquired in January 2003)
- NRMA Insurance
- NZI (New Zealand and Thailand)
- Safety Insurance (Thailand)
- Hastings (UK)
- Equity Insurance Group (UK)
IAG has a 70% shareholding in Insurance Manufacturers of Australia Limited (the other 30% being held by RACV) which issues insurance under the RACV Insurance name that is then sold by RACV.
IAG also owns State Insurance (acquired in February 2001) and NZI Insurance (finalised in January 2003) in New Zealand. IAG's New Zealand subsidiary is a 25% shareholder in Loyalty New Zealand Limited the operator of Fly Buys in New Zealand. IAG holds this shareholding through its ownership of State Insurance.
IAG's biggest competitor is likely to be the Promina Group who operate AAMI, Just Car and other insurance brands.
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[edit] Board of Directors
- James Strong, AO, Chairman. Also chairman of Woolworths Limited, Rip Curl and Australian Council for the Arts.
- Michael Hawker, CEO
- Yasmin Allen, Non-executive director
- John Astbury, Non-executive director
- Phillip Colebatch, Non-executive director
- Geoffrey Cousins, Non-executive director
- Neil Hamilton, Non-executive director
- Rowan Ross, Non-executive director
- Brian Schwartz, Non-executive director
[edit] Executive Team
- Michael Hawker, CEO Insurance Australia Group
- Justin Breheny, CEO Asia
- Tony Coleman, Chief Risk Officer and Group Actuary
- Peter Connell, CEO Hastings Insurance Services
- Nicholas Hawkins, CEO IAG New Zealand
- David Issa, CEO Personal Insurance
- Jacki Johnson, CEO Business Partnerships
- Christine McLoughlin, Group Executive - Strategy
- Sam Mostyn, Group Executive - Culture and Reputation IAG
- Mario Pirone, CEO CGU Insurance
- Neil Utley, CEO Equity Insurance Group
- Jan Van Der Schalk, CEO Asset Management and Reinsurance
- George Venardos, Chief Financial Officer
[edit] Sustainability policies
On August 31, 2006, IAG was placed on the Dow Jones Sustainability Index[1]. IAG is the first Australian insurance company to achieve this recognition.
On November 15, 2006, IAG announced it intended to become carbon neutral within five years across all of its operations.[2]
[edit] References
- ^ Dow Jones Sustainability Index 2006 [1]
- ^ Carbon Neutral Announcement Media Release. IAG Website. Retrieved on 2007-02-25.
