SYDNEY: Insurance Australia Group said its 49 per cent-owned Malaysian associate, AmG Insurance Berhad, is seeking regulatory approval to acquire Kurnia Insurans (Malaysia) Berhad to make it the market leader in the Malaysian motor insurance market.

If the deal was approved, IAG said in a statement it would fund its share of the purchase price from internal resources and, on a pro forma 30 June 2011 basis, would retain a regulatory capital position above its long term benchmark of 1.45 to 1.50. - REUTERS