While consolidation is on the agenda for most of the insurance sector, Geldard notes Covéa’s parent company Covéa France would deal with any acquisitions ever being on the cards for the insurer.
“Of course we would be involved but we wouldn’t be the people going out there seeing if there’s anything to buy,” she confirms.
The provider’s most recent purchase in the UK was high net worth specialist Sterling in 2014.
Geldard claims she doesn’t know how acquisitive Covéa France is and will not reveal whether it has set its sights on a specific target in the UK market.
But she highlights that the insurer’s acquisition strategy is to buy companies that complement its existing offering. This can be by adding product lines or scale but not by focusing only on volume.
[Brexit is] going to mean cost, there’s no two ways about it
Turning to issues that are currently having an impact on the insurance market Geldard insists that Brexit is a massive concern, but adds there is “not much we can do about it other than wait to be told what the impact is”.
“It’s going to mean cost, there’s no two ways about it,” Geldard predicts.
She does not believe being owned by a French company will make a difference for Covéa.
“We’re still regulated in the UK and have all our capital in the UK,” she concludes.
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