Bermuda-based insurance company Athora has completed a previously announced €540m acquisition of Belgian insurer Generali Belgium from Italian insurance major Assicurazioni Generali.
Athora plans to rebrand Generali Belgium as Athora Belgium by the end of the second quarter of this year.
Generali Belgium provides a variety of insurance solutions to retail and corporate clients via a network of more than 1,000 independent brokers.
It boasts of nearly 420,000 customers who are served by more than 400 team members with products such as single and recurring premium savings, pension and unit-linked life products, motor, homeowners and renters non-life coverage.
The Belgian insurer, which had recorded total gross written premiums of over €640m in 2017, has €5.3bn or so worth assets.
Generali Belgium interim CEO Dorsan van Hecke said: “With the arrival of Athora, we are entering into a new chapter in the Company’s long history in Belgium and it is important that Athora provides continuity for our broker partners and customers.
“We have strong ambitions for our business lines and we will continue to invest in our relationship with brokers so that they have the tools to offer competitive products and services to customers.”
Following Generali Belgium’s acquisition, Athora will hold nearly €15bn of consolidated assets, around 800,000 policyholders, and close to 800 employees in five jurisdictions.
The Bermuda-based insurance firm entered into an agreement to acquire Generali Belgium in April 2018. The acquisition is expected to help it build a platform for consolidation in Belgium while focusing on the development of its retail life and non-life business lines, and the aggregation of traditional life books.
Athora Group managing partner Michele Bareggi said: “The completion of this transaction is another milestone in our journey to create a leading European long-term insurance and reinsurance business. Athora now has a stable, efficient and scalable platform to serve our operations in Belgium and to drive growth.
“The Belgian market offers opportunities for Athora to continue to develop the Company’s retail insurance business and we are looking forward to building on Generali Belgium’s 117 years of invaluable history and experience.”
Earlier this week, Bermuda-based insurance and reinsurance company wrapped up the sale of the offshore bond portfolio of its subsidiary, Athora Ireland, to Utmost Ireland, a subsidiary of Life Company Consolidation Group.