Ageas (Fortis' UK Unit), is in talks with the insurance company, Kwik-Fit to acquire it. The deal is expected to be completed in the next three months.

Barry Smith, Ageas Chief Executive, said, "This is a great acquisition for our company. It further reinforces our retail capability by adding a respected business and their powerful brands to our portfolio". He further added that the buying of Kwik-Fit is their strategy to enhance the product offerings in the UK.

Private Equity group, PAI Partners owns Kwik-Fit insurance Services. It was launched in 1995, and has around 1000 employees and sells insurance under the brands Kwik-Fit, Green insurance Company and Express insurance brands. It has around 600,000 customers.

This deal, if gets struck, would make Aegas the fourth largest personal insurance broker in the U. K. with 1.6 million customers.

The group has been searching a buyer for its insurance arm, since the last February, in order to reduce its debt, which stood at around £811m, the last year. The proceeds from the sale would be used to offset the debt of the Kwik-Fit near to £486 million.

Brendan Devine, Managing Director of KFIS said that their company has been profitable over the years and being part of the Fortis Group, they will grow more.