View more on these topics

AIG acquires Ageas Protect for £181m

American International Group is buying the UK protection arm of Ageas in a deal worth £181m. AIG says it expects to complete the deal by the end of the year, subject to regulatory approval.

Ageas Protect, formerly Fortis Life, was launched in 2008 by Martin Werth, now chief executive at UnderwriteMe. It will join AIG’s global consumer business, which offers personal accident, health and travel insurance.

AIG chief executive of global consumer insurance Kevin Hogan says: “UK life protection is an attractive market for AIG. We are excited about enhancing AIG’s significant presence and existing insurance offerings in the UK and we are committed to the management team, employees and distributors who have made Ageas Protect the strong company it is.”

Ageas Protect managing director Darren Spriggs says: “I’m very proud of all that the Ageas Protect team has achieved in building a great company from scratch. 

“We have a strong presence and close relationships with our IFAs, partners, customers and suppliers based on the delivery of award-winning service, systems and processes and that delivery will continue.

“Ageas has supported us all the way through our growth but we all feel now is the right time to move to the next stage of our development and we are really excited about the opportunities AIG will create.”

Ageas Protect last week reported a pre-tax profit of £1m for the first six months of 2014, having made a £1.3m loss in H1 2013. The provider also reported gross written premiums inflow of £52.5m in H1 2014, up 20 per cent from last year.

The news of AIG entering the UK protection market comes after Mortgage Strategy sister publication Money Marketing revealed last month that Canada Life was eyeing the individual protection market. The company has previously offered only group products in the UK, where it has had a presence for more than 40 years.

On the advice side, consumer champion Which? plans also to enter the protection market. It will offer in-house protection advice to its mortgage customers from the autumn.


CML - 700

CML calls for your views on improving the mortgage industry

The Council of Mortgage Lenders is calling for ideas on how to improve the industry and will offer one person the chance to present their idea at its annual conference. The competition is open to all members of the industry, whether they are just starting out or are seasoned professionals, and it is even open […]

Sesame sets aside £31m for customer redress

Sesame Bankhall Group has set aside £31m for customer compensation following a review by parent company Friends Life. Friends revealed the complaints provision in its half-year accounts last week, adding there was “considerable uncertainty” over the outcome of its review. The FCA fined Sesame £6m in June 2013 for failing to ensure investment advice was […]

Building long-term relationships

Call us old fashioned, but we want to get to know you personally. That’s why we give you a named case manager and underwriter to look after all your cases from start to finish. Your underwriter will happily give you their number, so you can ring them directly with any questions you have. And your […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now