Covéa announces the sale of Swinton Group
27th September 2018
Covéa Group (“Covéa”) today announces it has entered into an agreement to sell Swinton Group (“Swinton”), its UK personal lines insurance broking business to The Ardonagh Group (“Ardonagh”).
Through the sale of Swinton, Covéa will focus its UK activities on underwriting, more closely aligning the UK business model with that of its operations in France and globally.
Ardonagh has been chosen as a compelling home for Swinton due to its significant expertise and track-record in the UK insurance distribution sector, making it ideally positioned to support Swinton’s modernisation journey. The new relationship will enable further investment in the transformation, enabling the business to be well placed for the future.
Covéa will continue to provide insurance solutions through Swinton as a key member of Swinton’s panel of underwriters.
The transaction remains subject to approval by the Financial Conduct Authority.
Pierre Michel, Managing Director of Reinsurance and International Operations, Covéa Group said:
“Over the last few years, Swinton and its Executive Team have transformed and repositioned the business and now is the right time for it to move into new ownership.
Swinton will become part of a growing and innovative UK insurance brokerage group, and I am confident that being part of The Ardonagh Group will provide Swinton with a great platform from which to deliver significant benefits to all its stakeholders, including its customers and employees.
Covéa Group remains committed to the UK as an important insurance market through its UK underwriting arm, Covéa Insurance plc.”
Gilles Normand, CEO of Swinton Group said:
“Swinton has achieved a new milestone in its journey.
Joining forces with Ardonagh will help Swinton achieve its long-term goal of becoming the UK’s leading digital insurance broker and I am pleased to see the business handed over to the new shareholder.”
About Covéa Group
The Covéa Group is a leading mutual insurance group in France, consisting of three major brands, each with a large market profile and distinctive positioning. In 2017, Covéa Group generated gross premiums of €16.3bn and net income of €818m. Covéa Group had a regulatory solvency ratio of 372% and Group shareholder equity of €14.3bn as at 31 December 2017.
Covéa Group has a strong presence in the UK through Covéa Insurance plc, whose market position was recently strengthened through the acquisition of Sterling Insurance Group in 2015.
About Swinton Group
Swinton Group is a leading UK personal lines broker, with a focus on motor and home insurance and additional leadership positions in specialist lines including caravan, motorhome and motorbike.
Founded in 1957, Swinton possesses a long-established brand with significant heritage and conducts business through its streamlined multi-channel distribution model, which enables it to provide suitable insurance cover for its customers.
About The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance broker with global reach. We are a network of over 100 office locations and a workforce of over 5,500 people.
The Ardonagh Group was created in June 2017, bringing together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, with the additional acquisitions of Healthy Pets in August 2017, and Carole Nash and Mastercover announced in December 2017.
Our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver solutions that meet our customer needs.