Premji Invest Group and Warburg Pincus completed the acquisition of a minority stake in SBI General from IAG.

Premji Invest Group and Warburg Pincus completed the acquisition of a minority stake in SBI General, a general insurance company, from IAG, a multinational insurance company headquartered in Sydney, for $439m. IAG managing director and CEO Peter Harmer said the sale was part of the company’s strategy to sharpen its focus on its core territories of Australia and New Zealand.