Ageas to buy UK's Kwik-Fit Insurance Services

BRUSSELS: Belgian-based insurance group Ageas, 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.