The Ardonagh Group has completed the acquisition of Swinton.

Ardonagh will pay around £165m to Covéa Group for the personal lines broker, subject to normal completion mechanics.

In a statement, Ardonagh said it would fund the purchase price with committed financing from their existing bank group, along with cash from monetizing certain Swinton assets.

Swinton reported turnover of £168 million for 2017 and has in excess of one million customers and 1.6m live policies.

1,550 people are employed by the Swinton, which was founded in 1957.

It has invested £45 million over two years in digital capabilities and transformation in response to changing customer buying preferences.

The Ardonagh Group chief executive David Ross said: “We are delighted to be welcoming Swinton into the Ardonagh group of companies; a personal lines household name steeped in heritage and another best in class brand which will be the perfect addition to our portfolio.

”The opportunity to share expertise in the development of our digital platforms to accelerate the scale and scope of our offerings is clear to see. Swinton is a hugely complementary, highly accretive acquisition, enabling us to occupy a significant space in personal lines broking.”

Pierre Michel, managing director of reinsurance and international operations at Covéa Group said: “Over the last few years, Swinton and its executive team have transformed and repositioned the business and now is the right time for it to move into new ownership.

”Swinton will become part of a growing and innovative UK insurance brokerage group, and I am confident that being part of The Ardonagh Group will provide Swinton with a great platform from which to deliver significant benefits to all its stakeholders, including its customers and employees.”