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Covéa confirms the acquisition of Sterling Insurance Group. Covéa has received approval from the Prudential Regulation Authority (PRA) for the change of control of Sterling Insurance Group. |
This acquisition strengthens the Group’s position in the UK and broadens its product offering in this important market. Total gross written premium in the UK market post acquisition will be close to 600 million GBP (around 800 M€).
In line with its international development strategy, Covéa is reinforcing its expertise and development capacity in a very competitive market. The Group is already active in the UK market through its subsidiaries, Swinton, an insurance broker, and Covéa Insurance,
a non-life insurer formed through the 2012 merger of MMA Insurance and Provident Insurance (which was itself acquired by Covéa in 2011).
Sterling Insurance provides a diverse range of insurance products and services across a number of specialist market sectors. Its business partners range from high street brokers to the UK’s leading retail banks and financial institutions.
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