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,...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.