Covéa buys Sterling
Covéa purchases high net worth specialist insurer.
Nicholas Cooper has agreed to sell Sterling Insurance Group to the French mutual Covéa.
Insurance Age understands that the deal could take up to three months to complete.
Covéa wrote €15.5bn [£12.28bn] of premiums in 2013. Its UK subsidiaries are held through holding company, MMA Holdings UK plc, which is the company which will be making the acquisition.
Sterling will become a sister company of Covéa's existing UK insurer, Covéa Insurance.
Covéa Insurance wrote £386m of gross written premium in
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