News round-up: Insurers
Brit has formally accepted an offer of £888m from Apollo Management and CVC Capital Partners. The deal if agreed by shareholders is £10.75 for each share plus a further 25p if targets are met.
Ageas is the new name for Fortis after the insurer began a phased name-change programme. The process, being brought in gradually to meet the needs of brokers, partners and suppliers, is expected to be completed by the end of the first quarter of 2011.
Axa has announced that it will not recruit a replacement for Philippe Maso as chief executive officer of its general insurance business. Maso's role will be split between the heads of two self-contained business units - commercial and personal lines - reporting directly to Paul Evans, UK group CEO. Paul Meehan has also left the insurer from his role as customer experience director. It is understood that Meehan's move - the second time he has left Axa - was by mutual agreement and that he is planning to return to the industry in non-executive roles with brokers after a few months off.
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