Home / Insurance News / Ardonagh picks up chosen renewal rights from Ageas Retail in £7m deal

Ardonagh picks up chosen renewal rights from Ageas Retail in £7m deal

Ageas says sale to Autonet provides customers peace of thoughts throughout Kwik Fit Insurance Services, Auto Direct, Cover Direct and Regal.

Ardonagh Group has paid £1.75m for the best to resume quite a few business traces from Ageas Retail.

The deal was struck in late February and will see Ardonagh pay as much as an extra £5.25m this July relying on “the number of policies transferred to the group”.

The funds have been revealed in Ardonagh’s strategic report for its 2017 outcomes because the group posted rising earnings however a web loss.

Discussing the outcomes yesterday (18 April) CEO David Ross stated the business was trying at £500m value of offers throughout 50 completely different transactions.

It purchased Autonet in 2015 and Carole Nash in October 2017.

Last 12 months Ageas Retail shut the Kwik Fit workplace in Glasgow in a transfer that value the business £27m and put 521 jobs in danger.

Autonet
Ant Middle, CEO direct and partnerships at Ageas Retail instructed Insurance Age that as a part of the simplification course of for the business it had determined to promote its model portfolios which were closed to new business for a while.

“This includes the remaining business we insure for Kwik Fit Insurance Services, Auto Direct, Cover Direct and Regal,” he commented.

“This allows us even greater capacity to focus on the positive development of our core brands.”

Middle defined that the association had been reached with Autonet which he described as a “trusted partner” of Ageas.

“We’re confident that customers will benefit from its specialist expertise and high levels of service, giving them the peace of mind and protection they need,” he continued.

Concluding: “We are working with Autonet to ensure a seamless transfer and will be notifying our customers as their insurance falls for renewal.”

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