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IAG to raise $546 million after BI test case ruling

Posted On: Nov. 20, 2020 9:32 AM CST

Financial

Insurance Australia Group Ltd. is seeking $750 million Australian dollar ($545.70 million) in new equity after the insurers lost the COVID-19-related business interruption test case in Australia, Nasdaq reported citing Reuters. The newly raised capital would offset an AUD950 million decline in IAG's regulatory capital, resulting from its BI claims provision.

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