UK-based insurance provider Fortis has provisionally agreed to buy Kwik-Fit Insurance Services for £215 million. The transaction is expected to be completed during the third quarter of 2010. Kwik-Fit Insurance Services will become a subsidiary of Fortis UK and will keep the same management team.

Kwik-Fit Insurance Services has around 600,000 customers with 1.2 million home, travel and car insurance policies and its revenue for 2009 was £89 million. This would bring Fortis’ annual retail revenues to £189 million. Following the acquisition, Fortis will employ around 4,000 staff.

Barry Smith, chief executive of Fortis UK, said: “This is a great acquisition for Fortis which further strengthens our retail capability and adds a respected business and their powerful brands to our portfolio. There is very good alignment between the businesses with a shared focus on delivering excellent customer service.”

Brendan Devine, managing director of Kwik-Fit Insurance Services said: “Kwik-Fit Insurance Services has seen profitable growth over recent years and being part of the Fortis group will allow us to continue on this journey. This is a great strategic fit for our business and with Fortis being such a large multi-national it gives our people even more scope for further development and career growth.”