Fortis completes buyout of Kwik-Fit Insurance Services
The Financial Services Authority has approved Fortis Insurance UK's acquisition of Kwik-Fit Insurance Services.
Fortis UK chief executive, Barry Smith, said: “Kwik-Fit Insurance is a great business and adds a powerful brand to our portfolio.
"There is a fantastic fit between Fortis and Kwik-Fit in delivering excellent customer service and the purchase is part of our multi-channel distribution strategy to increase the breadth and depth of our products. These are exciting times for Fortis as we continue to grow our business.”
Brendan Devine, managing director of Kwik-Fit Insurance Services added: “Fortis is one of the UK’s leading insurers and we’re delighted to become part of their group.
"Our businesses share similar philosophies and we believe that both our customers and our people will benefit greatly from this move. It’s an exciting opportunity for Kwik Fit Insurance Services.”
Kwik-Fit Insurance Services will now become a subsidiary of Fortis UK with its existing management continuing to run the business.
Devine will report to Andy Watson, managing director of Fortis UK retail.