Australian insurers have no AIG, Lehman exposure

SYDNEY (Reuters) - Australia's three largest insurers have no exposure to insurer American International Group and global investment banks Lehman Brothers and Merrill Lynch.

QBE Insurance Group, Australia's biggest insurer, said it had no direct exposure to Lehman Brothers and Merrill Lynch or to AIG through its investment portfolio.

The top car and home insurer, Insurance Australia Group (IAG), said it had no exposure to AIG, and Suncorp-Metway Ltd, the second-biggest car and home insurer, said it had no material exposure to either Lehman or

AIG.

On Tuesday, Australia and New Zealand Banking Group, said its total exposure to Lehman was about $120 million. Westpac Banking Corp., the No. 4 bank, said its exposure to Lehman was less than A$10 million, and its takeover target St. George Bank, Australia's fifth largest bank, had no exposure.

Investment Babcock & Brown also confirmed it was not exposed to Lehman.

(Reporting by Mette Fraende