Equity Insurance Group confirmed its acquisition by Insurance Australia Group has been completed today. The acquisition, for a total consideration of £570m, was subject to regulatory approval by Lloyd's and Financial Services Authority.

Equity chief executive Neil Utley, who has joined IAG's executive team, said: “The completion process has been smooth and rapid, and as a management team we have retained focus on growing our business. IAG's strength and resources will provide the means to accelerate the execution of our expansion strategy.”