Covéa to acquire Sterling

Mutual insurance group Covéa is set to strengthen its position in the UK with the acquisition of Sterling Insurance Group from Nicholas Cooper and his family.

Covéa said that total gross written premiums post acquisition will be close to £600 million.

The mutual is already present in the market through its subsidiaries, Swinton, an insurance broker, and Covéa Insurance, a non-life insurer formed through the 2012 merger of MMA Insurance and Provident Insurance (which was itself acquired by Covéa in 2011).

“The technical expertise of Sterling Insurance in household, commercial, protection and life insurance will complement Covéa Insurance’s existing strengths. The outstanding quality of service the group delivers to its clients and customers is another valuable asset in making this acquisition,” said Thierry Derez, chairman of Covéa.

Nicholas Cooper, chairman of Sterling, added: “I’m delighted that Covéa has chosen to acquire Sterling and am confident that this will guarantee the continuation of our unrivalled focus on service excellence and secure an exciting future for our people.”