Aegis increases reach in UK over-50s sector

Pursuing a strategy to grow
its retail distribution capacity in the UK, Dutch insurer Ageas
(formerly Fortis) has acquired Castle Cover, a insurance broking
firm specialising in the over 50s market, in a £52.8m ($85m) cash
deal.

“This purchase supports our
multi-distribution strategy and will build on our existing
expertise which is focused on meeting the needs of this customer
group,” commented Ageas UK CEO Barry Smith.

Founded in 2006, Castle Cover
brings with it 280,000 customer policies which Ageas notes will
increase its total customer base to some two million.

Castle Cover reported total revenue of £22m which will
boost Ageas’ total retail revenues in the UK to about
£200m.

Sign up for our daily news round-up!

Give your business an edge with our leading industry insights.

Sign up