UK non-life insurer Ageas has completed the acquisition of Groupama Insurance Company Limited, strengthening its multi-channel distribution approach and commitment to grow in Britain's broker market.
The deal makes Groupama a separate wholly owned subsidiary of the acquirer and provides an opportunity to expand its underwriting capabilities in complementary areas of personal and commercial lines business.
Ageas will now hold a 5.2% market share in the non-life insurance sector, 11.7% and 7.1% in private motor and personal lines insurance sectors respectively.
To enable effective implementation of existing plans and actions, a newly constituted board will be set up that will include members from both parties and phasing out of Groupama Insurances brand will be done in 2013.
Employing more than 600 staff in five centres, Groupama offers services for non-standard motor and home insurance as well as a range of niche commercial products for small to medium sized businesses.
Ageas UK distributes both its non-life and life products through a range of channels and insures around eight million customers.