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Daily Insurance Industry News
Monday 20th of May 2019
March 24, 2011

Ageas UK acquires Castle Cover

by Gill Montia

Story link: Ageas UK acquires Castle Cover

Ageas UK (formerly Fortis) has acquired Castle Cover, for £52.8 million.

The move will increase customer numbers to around eight million and consolidate the group’s position as the fourth-largest personal lines broker in the UK.

The acquisition will also create a combined retail customer base of around two million, while building Ageas UK’s presence in the over 50s insurance market, already established by its RIAS brand.

Castle cover reported revenue of £22 million in 2010 and the merger should raise Ageas UK’s total retail revenues to around £200 million.

Announcing the transaction, Ageas UK chief executive, Barry Smith, says: “This purchase supports our multi-distribution strategy and will build on our existing expertise which is focused on meeting the needs of this customer group.”

The group’s managing director of UK retail, Andy Watson, adds: “The combined expertise with RIAS provides a great opportunity for future growth.”

 

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