Ageas: sells stake in UK joint venture to partner Tesco Bank
(CercleFinance.com) - Belgian insurer Ageas said Wednesday it has sold its 50.
1% stake in Tesco Underwriting to joint-venture partner Tesco Bank for 104 million pounds (114 million euros).
Tesco Underwriting is the UK-based non-life joint venture between Ageas and Tesco Bank, providing motor and household insurance to the UK market.
The partnership was set up in 2009 and was extended for a 7-year period at the end of 2014.
Ageas said the move will allow it to focus on its core business and strengthen its partnerships in the broker market, and to concentrate its efforts on further developing the direct business.
Ageas said the deal is expected to generate a capital gain of approximately 9 million euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
1% stake in Tesco Underwriting to joint-venture partner Tesco Bank for 104 million pounds (114 million euros).
Tesco Underwriting is the UK-based non-life joint venture between Ageas and Tesco Bank, providing motor and household insurance to the UK market.
The partnership was set up in 2009 and was extended for a 7-year period at the end of 2014.
Ageas said the move will allow it to focus on its core business and strengthen its partnerships in the broker market, and to concentrate its efforts on further developing the direct business.
Ageas said the deal is expected to generate a capital gain of approximately 9 million euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.