Ageas buys Groupama UK for £116mn
Belgian insurer Ageas will become the fifth largest UK non-life insurer after agreeing to pay £116mn to end the long-running sale auction of Groupama UK Insurance Company.
The price is a steep discount to Groupama UK's year-end 2011 adjusted book value of £211mn, but the sale of the company will free up regulatory capital for Groupama's capital-starved French parent.
Groupama UK has a £400mn book of UK small-to-medium sized enterprise and personal lines business. Although it has had mixed profitability,...
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