Management buy up Barnett & Barnett and NBJ

IAG has sold UK broking arm Independent Commercial Brokers (ICB), which includes Barnett & Barnett and NBJ.

ICB has been part of IAG since October 2010 and has been sold to the existing management team for about £10m.

In a statement, IAG said it hoped that the total net loss on the sale of its UK arm would be about $240m.