May 2 (Reuters) - Insurance Australia Group Ltd IAG.AX :
* Iag considers New Zealand subordinated notes offer IAG.AX
* Says offer would not be made to retail investors in Australia
* Considering making an offer of up to NZ$250 million of unsecured subordinated convertible notes
* Notes are expected to have a final maturity date in June 2043
* Says offer is expected to open in mid-may
* Source text for Eikon ID:nASX9wPhB4