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Ageas Says It Received’t Make Third Provide for Direct Line Insurance coverage

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Ageas stated it is going to halt its pursuit of UK insurer Direct Line Insurance coverage Group Plc after two takeover proposals had been rejected this yr.

The Belgian insurer had put forth a proposal valuing Direct Line at about £3.2 billion ($4.1 billion) earlier this month, a bump from a earlier bid. Ageas stated Friday that it continues to consider in “the underlying attractiveness and future alternatives” of the UK private strains sector.

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Direct Line’s board stated final week that the most recent proposal was “unsure, unattractive, and that it considerably undervalues Direct Line Group and its future prospects whereas additionally being extremely opportunistic in nature.”

Ageas homes insurance coverage property beforehand owned by Fortis, the Belgian monetary companies large bailed out in the course of the 2008 monetary disaster. Led by Chief Government Officer Hans De Cuyper, it affords property and casualty and life insurance coverage in international locations together with Belgium, France and Portugal.

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Direct Line stated in a separate assertion Friday that it’s assured in its standalone prospects.

{Photograph}: The Direct Line DrivePlus app displayed on a cell phone organized in London, UK, on Friday, March 1, 2024. Photograph credit score: Hollie Adams/Bloomberg

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