Retailer Tesco Buys Out Ageas Stake In Underwriter

Law360, London (October 14, 2020, 4:59 PM BST) -- The personal finance arm of supermarket chain Tesco PLC said Wednesday it will buy out its partner's stake in an underwriting joint venture for at least £104 million ($135.5 million).

Tesco Bank said it had reached an agreement with Ageas U.K. Ltd. to buy the insurer's 50.1% stake in Tesco Underwriting.

The managing general agent, which sells Tesco-branded car and home insurance policies, has been run as a joint venture since 2010.

"Tesco Underwriting has benefited from Ageas's expertise in the market over the last 10 years, and as partners we are committed to ensuring a smooth transition for all of...

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