Ageas Says It Won’t Make Third Offer for Direct Line Insurance *Centurion Insurance AFS*

Ageas said it will halt its pursuit of UK insurer Direct Line Insurance Group Plc after two takeover proposals were rejected this year.

The Belgian insurer had put forth an offer valuing Direct Line at about £3.2 billion ($4.1 billion) earlier this month, a bump from a previous bid. Ageas said Friday that it continues to believe in “the underlying attractiveness and future opportunities” of the UK personal lines sector.

Direct Line’s board said last week that the latest proposal was “uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature.”

Ageas houses insurance assets previously owned by Fortis, the Belgian financial services giant bailed out during the 2008 financial crisis. Led by Chief Executive Officer Hans De Cuyper, it offers property and casualty and life insurance in countries including Belgium, France and Portugal.

Direct Line said in a separate statement Friday that it’s confident in its standalone prospects.

Photograph: The Direct Line DrivePlus app displayed on a mobile phone arranged in London, UK, on Friday, March 1, 2024. Photo credit: Hollie Adams/Bloomberg

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