Sky News reported the deal on 2 January. An official announcement on the acquisition of BGL Insurance, whose owner also operates price aggregator Compare The Market, is expected this week.
BGL Insurance distributes policies for partners such as the RAC while servicing as the retail personal lines platform for the likes of the Co-op Group. Its wholly owned brands include Beagle Street, Budget Insurance and Dial Direct.
The insurance business launched a new digital claims portal with long-term automotive glazing partner Auto Windscreens in November 2021 and announced plans to bring a new motor brand to market this year in partnership with Covéa.