“Complementary” branch network could join Britain’s biggest
Britain’s largest high street insurance broker Swinton is to buy the branch network of Equity Insurance, put up for sale as part of a series of disposals by Insurance Australia Group (IAG), the FT claims. The FT confirming previous suggestions that Swinton was the front-runner, suggests a deal is imminent .
The FT quotes Patrick Smith, chief executive of Swinton, as saying: “Swinton is a firm believer in shop-based personal sales and the Equity branch network would be complementary to our existing network.”
The branch network is expected to cost up to tens of millions of pounds.
IAG is itself being targeted by a group called Hassle Free Share Sales and is asking its shareholders to rebuff the offers.
Swinton’s Patrick Smith was given an industry achiever of the year award at the Insurance Times Stars awards in Birmingham on Friday.
