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Kent's Sterling Insurance acquired by French giant Covéa

Independent insurance firm Sterling Insurance has been acquired by French mutual group Covéa, according to Kent Online.

Covéa, which handles €15.5 billion (£12.3 billion) of premiums a year, is one of the largest insurers in France providing a wide range of life and non-life insurance products through three brands – GMF, MAAF and MMA.

Sterling Insurance Group, based in Kings Hill, near West Malling, has been sold to Covéa after an agreement was reached with founder and chairman of Nicholas Cooper.

The deal, the value of which has not been disclosed, will see Sterling become a sister company of Covéa’s existing UK insurer, Covéa Insurance.

The deal, which may take up to three months to complete, is unlikely to affect job numbers.

In a statement, the Sterling executive team said: “While this announcement reflects the start of an exciting new chapter for Sterling, it’s important to be clear that nothing will change in the short-term not least because the deal is still subject to regulatory approval.

“Once the acquisition is complete, Sterling will continue to be run as a separate entity within the Covéa group with the existing directors and senior management remaining in the business.

“This announcement has no impact on our business relationships or day-to-day operations. It’s very much business as usual.”

This was posted in Bdaily's Members' News section by Ellen Forster .