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Insurance Australia Group Invests in Modular Building Firm Spacecube; Shares Gain 3%

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Insurance Australia Group (ASX:IAG) said in a Monday statement that its corporate venture capital arm, Firemark Ventures, invested in Melbourne‑based modular building company Spacecube.

Spacecube is capable of providing rapid emergency accommodation in regional areas following floods and other disasters. Its modular building system could become a part of the insurer's disaster response across rural and regional Australia, the company said.

Insurance Australia Group will also explore opportunities to use Spacecube in urban settings and commercial applications, with potential to extend the model to New Zealand.

The company's shares gained 3% in recent Monday trade.

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