Insurance Australia Group Limited
(ASX:IAG) has confirmed the sale of its specialist UK broking arm Independent Commercial Brokers (ICB) for approximately $15 million.
ICB has been sold to its existing management team after being part of IAG since 2010.
IAG says it expects a total net loss of approximately $240 million from the sale of its UK operations, as announced on Friday.
IAG last week sold its UK based Equity Red Star business to a privately owned New York based firm for $133 million.
Insurance Australia Group reported a net profit of $265 million in the 2012 financial year.
