Covéa Group to sell Swinton Group to The Ardonagh Group for £165m

Covéa Group has entered into an agreement to sell Swinton Group, its UK personal lines insurance broking business to The Ardonagh Group, the UK’s largest independent insurance broker. 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. 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. 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.”