** Shares of Insurance Australia Group IAG.AX rise 3.3% to A$8.69, their highest level since February 12
** Australia's top general insurer says it will buy the Royal Automobile Club of Western Australia's $(RAC)$ insurance business and enter a licensing agreement for a total of A$1.35 billion ($868.46 million)
** Upon completion, deal will result in RAC's insurance portfolio adding about A$1.5 billion to IAG's gross written premium - co
** Stock rose as much as 4.5% earlier in the day, its biggest intraday gain since April 10
** IAG down 0.5% YTD
($1 = 1.5545 Australian dollars)
(Reporting by Adwitiya Srivastava in Bengaluru)
((Adwitiya.Srivastava@thomsonreuters.com))
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