Swinton eyes up Equity branch network
Equity Insurance, put up for sale by the Insurance Australia Group (IAG), may have its branch network acquired by a British company.
Swinton, the UK’s biggest high street insurance broker, is one of the leading bidders in the contest to buy Equity’s branches, according to a report in the Financial Times.
Swinton’s chief executive, Patrick Smith, said his company is a ‘firm believer’ in shop-based face to face sales, and added that Equity’s branches would compliment Swinton’s existing high street outlets.
Acquiring Equity’s branch network is expected to cost tens of millions of pounds.
IAG announced this year that it would be withdrawing from the majority of its UK operations, which have performed below expecations.
The Australia based company said it will keep profitable specialist motor insurer Equity Red Star, but will be selling Hastings Insurance, Advantage Insurance, and the broking arm of Equity Insurance.
Category: Companies News, Insurance News, Swinton Insurance News
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