With written premiums approaching £600 million, the combined business employs almost 1,400 people
Sterling Insurance Company was been formally integrated into Covéa Insurance and is no longer a separate trading entity.
This follows High Court approval of the transfer, under Part VII of the Financial Services and Markets Act, granted on 11 December 2015.
As a combined business, Covéa Insurance says it intends to capitalise on the strengths of both companies – including product ranges, distribution channels, locations and people – to build a bigger, stronger, and even more customer-focused business.
Covéa chief executive James Reader (pictured) said: “Our priority now is to ensure that, as the practical work to integrate the businesses continues, we maintain our focus on delivering high-quality products for our broker partners and customers, supported by unrivalled service standards, as we look forward to our first trading year as a combined business.”
For mid- and high-net worth products, the products will be underwritten by Covéa, but Sterling will keep its brand name.
Sterling’s commercial book would come under the Covéa name.
The combined business has written premiums approaching £600 million and employs almost 1,400 people.