Covéa announces the sale of Swinton Group, its UK personal lines insurance broking business to The Ardonagh Group
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.”