The transaction, which was first announced on 6 August 2014, has been approved by the regulator.
Ageas Protect was launched in the UK in July 2008 and now has over a 5% market share in the UK protection market.
On completion of the transaction, Andy Watson, CEO of Ageas UK, said: “The Ageas Protect team have achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service. As we continue to focus on our non-life business where we have considerable scale and hold significant market positions, we wish the Protect business well for the future, confident that their employees are going to a good home.”
