Ageas UK to acquire Groupama Insurance Company

Ageas has confirmed that it has signed an agreement to acquire Groupama Insurance Company Limited (GICL) for £116m (equating to around €145m).

The deal will see Ageas become the United Kingdom’s fifth largest Non-Life insurer, fourth largest Private Motor insurer and fourth largest Personal lines insurer.

The acquisition is seen as being a good strategic fit for Ageas, and also complements the firm’s multi-channel distribution approach.

The transaction excludes Groupama’s UK broking operations.

In 2011 GICL reported after-tax profits of £25.9m with a combined ratio of 97.8%.

The deal is subject to regulatory approval, and is anticipated to be be concluded before the end of the year.

Once the acquisition is complete GICL will become a wholly owned subsidiary of Ageas UK.

Ageas UK CEO Barry Smith said that the deal was a great strategic fit for the firm’s continuing development in the UK.

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Category: Ageas News, Insurance News