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Insurance Australia Group company logo
Corporation
FINANCE | Insurance / Property & Casualty
iag.com.au

Investments

3

Portfolio Exits

5

Partners & Customers

10

About 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.

Headquarters Location

Level 13 Tower 2 Darling Park 201 Sussex Street

Sydney, New South Wales, 2000,

Australia

+61 (0)2 9292 9222

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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

TravelCard appoints new underwriting chief

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.

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Insurance Australia Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/16/2022

Corporate Minority

Carbar

$20.98M

Yes

3

8/22/2017

Series A

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$99M

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10

8/11/2016

Series B

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$99M

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10

Date

2/16/2022

8/22/2017

8/11/2016

Round

Corporate Minority

Series A

Series B

Company

Carbar

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Amount

$20.98M

$99M

$99M

New?

Yes

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Co-Investors

Sources

3

10

10

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

$99M

2

10/17/2019

Shareholder Liquidity

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$99M

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10

6/3/2019

Divestiture

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$99M

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10

6/18/2018

Divestiture

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$99M

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10

12/14/2012

Divestiture

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$99M

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10

Date

10/7/2021

10/17/2019

6/3/2019

6/18/2018

12/14/2012

Exit

Acquired

Shareholder Liquidity

Divestiture

Divestiture

Divestiture

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

10

10

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

$99M

Acquired

1

7/16/2019

Other

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$99M

$99M

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10

Date

11/20/2019

7/16/2019

Investment Stage

Other

Companies

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Valuation

$99M

$99M

Total Funding

$99M

Note

Acquired

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Sources

1

10

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

Insurance Australia Group Selects AIR's New Earthquake Model for New Zealand to Help Manage Its Catastrophe Risk

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

Australia

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10

12/13/2018

Partner

Australia

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10

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

Australia

Australia

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 .

Insurance Australia Group Selects AIR's New Earthquake Model for New Zealand to Help Manage Its Catastrophe Risk

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 .

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Sources

1

2

2

10

10

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

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Name

Stephen Beatty

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Work History

Title

Chief Executive Officer

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Status

Current

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