Ageas announces Castle Cover acquisition
Ageas UK has acquired intermediary Castle Cover for £52.8m. According to the insurer, the purchase will increase its customer numbers to around eight million.
Castle Cover, which brings 280 000 customer policies and had a reported revenue in 2010 of £22m, will sit alongside over 50s specialist Rias and Kwik Fit Insurance within Ageas' retail division, bringing its customer base up to 2 million, and taking its total retail revenue close to £200m.
Announcing the acquisition, Ageas chief executive Barry Smith said: "The acquisition of Castle Cover gives Ageas an even stronger over 50s market presence, adding an established brand to our Retail operation
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