Insurance business Ageas, which was rebranded from Fortis in October, has acquired Castle Cover.

Insurance business Ageas, which was rebranded from Fortis in October, has acquired Castle Cover.

Dorset-based Castle Cover, which has been purchased for £52.8 million, provides insurance to people over fifty.

Ageas predicts that the deal will increase their customer numbers to 8 million in line with its ‘multi-distribution strategy’.

Barry Smith, chief executive of Ageas comments: ‘The acquisition of Castle Cover gives Ageas an even stronger over-fifties market presence, adding an established brand to our retail operation and enhancing our […] knowledge of this growing insurance market.’

Hampshire-headquartered Ageas already owns another over-fifties insurance provider in RIAS, and Andy Watson, managing director of Ageas Retail, believes that the combined expertise of RIAS and Castle Cover will provide ‘a great opportunity for future growth’.

Castle Cover will continue to operate under its brand name and become a subsidiary of Ageas, with Janet Connor becoming managing director of Castle Cover and RIAS, according to a statement released by the company.

The remainder of Ageas’ retail operation consists of Kwik Fit Insurance Services and Ageas Insurance Solutions.