Brussels-headquartered multinational insurer Ageas has received regulatory approval from the National Bank of Belgium (NBB) to begin organising and operating reinsurance activities.
Ageas said that operating as a reinsurer would increase the fungibility of capital within the Group, providing it with higher flexibility and agility to implement its strategy.
The announcement follows a successful shareholder vote at the company’s 2018 General Meeting to amend an article of Ageas’ Articles of Association for this purpose.
Having received NBB approval, Ageas has also decided not to eliminate the geographical diversification benefits from its Own Funds, which will positively impact the Group and Insurance Solvency II ratio of around 5%.
Ageas is currently the largest provider of insurance in Belgium, owning 75% of AG Insurance, and operates in 14 countries worldwide.
