Ageas acquires Kwik Fit Insurance Services
Ageas has today announced an agreement with private equity firm, PAI Partners, to acquire Kwik-Fit Insurance Services (KFIS), for £215 million.
The move forms part of Ageas’ multi-channel, multi-brand distribution strategy and will consolidate the group as the fourth-largest personal lines intermediary in the UK.
KFIS owns the Kwik-Fit, Green Insurance Company and Express Insurance brands, and since its launch in 1995 has grown to become one of UK’s leading motor insurance distributors.
The company has over 600,000 customers and employs around 1,000 staff at its call-centre based operations.
Announcing the transaction, Ageas chief executive officer, Bart De Smet, said: “I welcome this acquisition on its strategic and financial merits and as a next step in the execution of our strategy announced last autumn.”
He added: “It broadens our base and will accelerate the growth of our business in the UK, one of our core insurance markets and one that is frequently at the forefront of new developments in the insurance sector”
The transaction is expected to be completed in the third quarter of 2010, subject to regulatory approval.
Category: Companies News, Insurance News
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