Castle Cover acquisition will not cannabalise RIAS, Barry Smith insists
Ageas’s retail brokerage smashed through the £200m barrier following the acquisition of over-50s insurance broker Castle Cover.
The £52.8m acquisition would take Ageas UK Retail to ninth in Insurance Times’s top 50 brokers list if all its constituent businesses are combined.
The deal means Ageas has a healthy market share of the over-50s broking market.
Janet Connor will be managing director of both Castle Cover and Ageas’s other over-50s firm, RIAS.
Asked whether there was a risk of cannabilisation between RIAS and Castle Cover, Ageas UK chief executive Barry Smith said: “There may be an element of that, but it’s a big market out there, with a lot of customers.”
Despite the growing size of Ageas Retail, Smith vowed not to compromise on service.
He said: “The heart of our organisation is about making sure the customers sees that we provide good-quality service, and woe betide us if we don’t deliver to that mantra.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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