Investments
3Portfolio Exits
5Partners & Customers
10About Insurance Australia Group
Insurance Australia Group (IAG) is an Australian-based international general insurance group with operations in Australia, New Zealand, and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.
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CB Insights Intelligence Analysts have mentioned Insurance Australia Group in 1 CB Insights research brief, most recently on May 7, 2020.
Latest Insurance Australia Group News
Mar 14, 2023
| Insurance Business Australia TravelCard has appointed Michael Storozhev as its new chief underwriting officer (CUO) as it prepares to relaunch in the market. Storozhev will join TravelCard from Cover-More, where he was the general manager for strategic underwriting for Australia and New Zealand and the head of global insurance products and underwriting. He also served as the company's head of underwriting for Asia from 2019 to 2021 and as a senior underwriter from 2016 to 2019. Aside from working at Cover-More, Storozhev worked on the actuarial teams at Insurance Australia Group and the Royal Automobile Club Queensland. “There is a huge opportunity in the travel insurance space for a new market entrant to shake things up, and I can't wait to drive a unique customer experience with TravelCard's real-time travel insurance proposition,” Storozhev said, as reported by ITIJ. “As chief underwriting officer, [Storozhev] will be responsible for underwriting and pricing, and he will also be leading the charge on our innovation agenda in travel insurance and beyond,” said Peter Klemt, CEO of TravelCard. TravelCard to relaunch in Australia In early 2020, TravelCard implemented measures to help its customers who took a hit from the COVID-19 pandemic. In October 2022, the insurer ceased business operations due to significant reductions in international travel. It continued to serve its policyholders, but stopped quoting and binding new travel insurance policies.
Insurance Australia Group Investments
3 Investments
Insurance Australia Group has made 3 investments. Their latest investment was in Carbar as part of their Corporate Minority on February 2, 2022.
Insurance Australia Group Investments Activity
Date | Round | Company | Amount | New? | Co-Investors | Sources |
|---|---|---|---|---|---|---|
2/16/2022 | Corporate Minority | Carbar | $20.98M | Yes | 3 | |
8/22/2017 | Series A | |||||
8/11/2016 | Series B |
Date | 2/16/2022 | 8/22/2017 | 8/11/2016 |
|---|---|---|---|
Round | Corporate Minority | Series A | Series B |
Company | Carbar | ||
Amount | $20.98M | ||
New? | Yes | ||
Co-Investors | |||
Sources | 3 |
Insurance Australia Group Portfolio Exits
5 Portfolio Exits
Insurance Australia Group has 5 portfolio exits. Their latest portfolio exit was Hyper Anna on October 07, 2021.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
|---|---|---|---|---|---|
10/7/2021 | Acquired | 2 | |||
Date | 10/7/2021 | ||||
|---|---|---|---|---|---|
Exit | Acquired | ||||
Companies | |||||
Valuation | |||||
Acquirer | |||||
Sources | 2 |
Insurance Australia Group Acquisitions
2 Acquisitions
Insurance Australia Group acquired 2 companies. Their latest acquisition was NRMA on November 20, 2019.
Date | Investment Stage | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Total Funding | Note | Sources |
|---|---|---|---|---|---|---|
11/20/2019 | Acquired | 1 | ||||
7/16/2019 | Other |
Date | 11/20/2019 | 7/16/2019 |
|---|---|---|
Investment Stage | Other | |
Companies | ||
Valuation | ||
Total Funding | ||
Note | Acquired | |
Sources | 1 |
Insurance Australia Group Partners & Customers
10 Partners and customers
Insurance Australia Group has 10 strategic partners and customers. Insurance Australia Group recently partnered with Aboriginal Carbon Fund on August 8, 2022.
Date | Type | Business Partner | Country | News Snippet | Sources |
|---|---|---|---|---|---|
8/19/2022 | Partner | Australia | What is IAG's new project targeting? `` Over the course of the three-year partnership , the Aboriginal Carbon Foundation and Insurance Australia Group aim to develop three Aboriginal cultural fire management and carbon farming projects across NSW by 2023 and expand into Victoria and South Australia by 2024 , '' said McDougall . | 1 | |
6/1/2020 | Vendor | United States | Australia’s largest insurer partners with Socotra to power newly-launched direct-to-consumer product IAG Executive Manager Phil Wilson-Brown said the partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance . | 2 | |
9/3/2019 | Vendor | United States | 03 , 2019 -- Sept. 3 , 2019 -- Catastrophe modeling firm AIR Worldwide announced that Insurance Australia Group , the largest general insurance company in Australia and New Zealand , has licensed AIR Worldwide 's new Earthquake Model for New Zealand to help manage its catastrophe risk . | 2 | |
12/13/2018 | Partner | ||||
12/13/2018 | Partner |
Date | 8/19/2022 | 6/1/2020 | 9/3/2019 | 12/13/2018 | 12/13/2018 |
|---|---|---|---|---|---|
Type | Partner | Vendor | Vendor | Partner | Partner |
Business Partner | |||||
Country | Australia | United States | United States | ||
News Snippet | What is IAG's new project targeting? `` Over the course of the three-year partnership , the Aboriginal Carbon Foundation and Insurance Australia Group aim to develop three Aboriginal cultural fire management and carbon farming projects across NSW by 2023 and expand into Victoria and South Australia by 2024 , '' said McDougall . | Australia’s largest insurer partners with Socotra to power newly-launched direct-to-consumer product IAG Executive Manager Phil Wilson-Brown said the partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance . | 03 , 2019 -- Sept. 3 , 2019 -- Catastrophe modeling firm AIR Worldwide announced that Insurance Australia Group , the largest general insurance company in Australia and New Zealand , has licensed AIR Worldwide 's new Earthquake Model for New Zealand to help manage its catastrophe risk . | ||
Sources | 1 | 2 | 2 |
Insurance Australia Group Team
21 Team Members
Insurance Australia Group has 21 team members, including current Chief Executive Officer, Stephen Beatty.
Name | Work History | Title | Status |
|---|---|---|---|
Stephen Beatty | Chief Executive Officer | Current | |
Name | Stephen Beatty | ||||
|---|---|---|---|---|---|
Work History | |||||
Title | Chief Executive Officer | ||||
Status | Current |
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