Insurance Australia readying to acquire almost a quarter of China Pacific

Insurance Australia Group (IAG) is preparing to buy 24.9% stake in China Pacific Property Insurance (CPPI). IAG is Australia’s largest auto and home insurance company.

CPPI has already sold a 24.9% of its shares to Carlyle Group and Prudential Financial, which is rated as the 3rd largest life insurance company in the US.

The investment is related to China’s insurance market having grown 20% over the past 5 years.