UPDATE 1-Ageas to buy UK’s Kwik-Fit Insurance Services

* Purchase for 215 million pounds

* Part of expansion strategy in UK

BRUSSELS, July 2 (BestGrowthStock) – Belgian-based insurance group
Ageas (AGES.BR: ), formerly known as Fortis, is to buy Britain’s
Kwik-Fit Insurance Services for 215 million pounds ($325.9
million) as part of its ongoing expansion plans in the country.

The insurance intermediary, currently owned by Paris-based
private equity company PAI Partners, will contribute over
600,000 customers to Ageas, giving it a total of 1.6 million
customers in Britain.

Ageas Chief Executive Bart De Smet said in a statement on
Friday: “I welcome this acquisition on its strategic and
financial merits and as a next step in the execution of our
strategy announced last autumn.”

Ageas has previously said it to underwrite motor and
household insurance for Britain’s biggest retailer Tesco
(TSCO.L: ).
($1=.6598 pound)
(Reporting by Ben Deighton; Editing by Hans Peters)

UPDATE 1-Ageas to buy UK’s Kwik-Fit Insurance Services