Fortis buys Kwik-Fit insurance arm

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The Independent Online

The French owners of the car repairs chain Kwik-Fit have agreed to sell its insurance broking arm in a £215m deal.

The private equity investor PAI Partners is selling Kwik-Fit Insurance Services (KFIS), which has about 600,000 customers across lines including home, car and travel insurance, to the Belgian insurer Ageas. Ageas said the deal would consolidate its position as the fourth-largest personal insurance broker in the UK, where it still trades as Fortis, with 1.6 million customers.

The sale comes after PAI pumped £20m into Kwik-Fit this year to avoid breaching banking covenants.