Insurance Australia Group Ltd. received A$224 million in reinvestment offers from eligible holders of its preference shares.

The company said Dec. 20 that it has accepted all valid applications under the reinvestment offer. The offer closed Dec. 16.

The company will buy back approximately 2.24 million convertible preference shares with a face value of A$100 apiece Dec. 22, leaving 1.53 million convertible preference shares outstanding.