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Ageas in £215m deal for Kwik-Fit insurance arm
Kwik-Fit Insurance Services is being sold for £215m to Belgian-based insurance group Ageas.
The insurance intermediary – currently owned by private equity company PAI Partners – will contribute over 600,000 customers to Ageas, giving it a customer base of 1.6m in Britain.
Ageas chief executive 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.”
The company’s UK operation is Fortis UK.
Its chief executive Barry Smith said: “The next couple of years will see a lot of pressure on consumers, with some seeing disposable income go down.
“But our research shows what our customers need and at what price.”