Ageas UK completes £116m Groupama acquisition
Ageas UK has completed the acquisition of Groupama Insurance Company for £116m.
The deal - which was announced in September - will see Ageas become the fifth largest UK non-life insurer with a 5.2% market share, fourth largest private motor insurer (11.7%) and fourth largest personal lines insurer (7.1%).
As part of the agreement the Groupama Insurances brand will be ‘phased out' over the next year.
Groupama will operate as a separate wholly-owned subsidiary of Ageas, while a newly-constituted board will be formed with representation from both businesses.
Ageas said that
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