BRUSSELS: Belgian-based insurance group Ageas, formerly known as Fortis, is to buy Britain's Kwik-Fit Insurance Services for 215 million pounds ($325.9 million) as part of its ongoing expansion plans in the country.
The insurance intermediary, currently owned by Paris-based private equity company PAI Partners, will contribute over 600,000 customers to Ageas, giving it a total of 1.6 million customers in Britain.
Ageas Chief Executive Bart De Smet said in a statement on Friday: "I welcome this acquisition on its strategic and financial merits and as a next step in the execution of our strategy announced last autumn."
Ageas has previously said it to underwrite motor and household insurance for Britain's biggest retailer Tesco.
Thursday, August 19, 2010
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment