Aussies lose battle for Hastings success

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The owner of Hastings Direct and Advantage insurance is to put the insurance businesses up for sale because of shrinking profit margins. insurance Australia Group (iAG) today said it will "conduct a staged exit" of the businesses and of Equity insurance Brokers, another UK outfit. it will keep specialist motor underwriter Equity Red star. the retreat from the UK marks yet another disastrous foray by an Aussie insurer into Britain. AMP posted a A$5.5 billion (£2.7 billion) loss in 2003 after its expansion here failed. iAG signalled it is looking for a trade deal, saying: "We will look for natural owners who can derive greater value." it bought Hastings, famed for its Harry Hastings logo, and Advantage in 2006 for a total of A$350 million, and the next year paid £570 million for Equity insurance Brokers. the group has spent about £820 million since 2006 to expand in Britain, but the move has been a disaster and has failed to deliver expected returns.