US-based insurer AIG has completed its £197m acquisition of Ageas Protect after receiving regulatory approval.
The deal, announced in August, sees AIG take on Ageas’ UK life protection arm with Ageas focusing on its primary, non-life business. Ageas Protect launched in 2008.
Ageas UK chief executive Andy Watson says: “The Ageas Protect team has achieved an enormous amount since starting six years ago. The business is now an established presence in the UK protection market with a strong reputation.
“As we continue to focus on our non-life business where we have considerable scale, we wish the Protect business well for the future, confident that their employees are going to a good home.”
A spokeswoman for Ageas confirmed there are currently no plans for cutbacks following the acquisition, with all existing Ageas Protect products being rebranded under the AIG banner.
In November, Ageas UK results showed the Ageas Protect business made a £1.6m profit in the nine months to September, compared with a £1.5m in the same time period a year earlier.