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April 12, 2011updated 13 Apr 2017 8:49am

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

By LII editorial

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.

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