Insurance firm Swinton snapped up in £165m deal
Manchester insurance firm Swinton has been bought by rival the Ardonagh Group for £165m.
The company was founded by late Ken Scowcroft in his home in Swinton in 1957 and at one stage it was the biggest insurance firm in the UK.
Swinton currently employs 1,500 staff and is owned by French group Covéa SGAM.
Covea has invested £45m over the last two years as part of the move towards dealing with customers online.
Ardonagh said the deal will be funded by a mixture of debt and 'monetising certain Swinton assets’.
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