The Insurance Australia Group (IAG) has completed its sale of its (very) sick UK assets for a loss of $240 million. It wrote down its value by $297 million in 2011-2012 but has agreed to sell its motor insurer, Equity Red Star, for $133.95 million. IAG owns CGU (SUU) and NRMA Insurance amongst others. Is this one of the reasons our insurance premiums have got out of hand?