Fortis buys Kwik-Fit insurance arm
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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies