Europ Assistance UK and Ireland announces Management Buy Out

Issued: 30th January 2012

It has been announced that Europ Assistance Holdings Limited will, subject to FSA approval, become an independent entity offering a comprehensive range of assistance and related insurance services after agreement was reached for a management buy out.

The company will continue to offer full underwriting services against all existing lines of business and will retain access to Europ Assistance Group’s worldwide network. Future plans will allow greater flexibility to focus on the development of new and innovative solutions. Full details will be announced in due course.

The firm will be managed by the current Chief Executive Officer Patrick Leroy, supported by the current management team. Tim Ablett takes the role of company Chairman.

Commenting on the new independent company, Patrick Leroy said: "I am delighted by the opportunity to lead the new organisation. The new structure will enable us to continue to support our existing clients and gives us the flexibility to develop new and innovative services."