Fleet News

Inchcape sells insurance arm

INCHCAPE is to sell its insurance broking subsidiary Bain Hogg to Aon Corporation in a £160 million transaction. The insurance arm has been on the market for several months and Inchcape had already announced plans for a £20 million demerger if a buyer could not be found.

Inchcape chairman Colin Marshall said: 'Today's announcement completes the process of focusing Inchcape as an international distribution group well within the timescale we outlined in March. Having achieved our strategic focus, we must now turn our attention to the further performance improvement of our core businesses.'

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