Ageas has announced that the acquisition of Groupama Insurance Company Limited has now been completed.
Following the deal Ageas becomes the fifth-largest UK Non-Life insurer, fourth largest Private Motor insurer and fourth largest Personal lines insurer.
Groupama Insurances is to operate a separate wholly-owned subsidiary of Ageas UK which will work alongside Ageas Insurance Limited.
A new Board will be established with representatives from Groupama Insurances and Ageas.
The significant acquisition has been described by Ageas as another step in the strategic direction of its multi-channel distribution approach.
Ageas UK Chief Executive Officer Barry Smith described the completion of the acquisition as great news as it offered greater certainty and comfort for customers and brokers alike.
The news comes a week after Ageas reported making record 9M pre-tax profits of £106.7m.