Ageas acquires Groupama Insurance Company
News from Money Marketing:

Ageas has acquired Groupama Insurance Company Limited for £116m.

GICL offers a range of car, motorcycle, home, travel, personal accident and commercial insurance in the UK. It reported a post-tax profit of £25.9m in 2011.

The deal excludes Groupama’s UK broking operations and is subject to regulatory approval. It is expected to complete before the end of 2012, when GICL will become a wholly owned subsidiary of Ageas UK.

Earlier this month, Ageas announced it had entered exclusive takeover talks with GICL.

Ageas chief executive Bart De Smet says: “I welcome this acquisition on its strategic and financial merits and as an important next step in the execution of the Ageas Group strategy towards a well balanced portfolio in terms of life and non-life business.

“Following on from the start of the partnership with Tesco Bank in 2010, and more recently the acquisition of Kwik Fit Financial Services and Castle Cover…………… continues on Money Marketing

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