Brussels-headquartered multinational insurer Ageas has announced that it plans to open its reinsurance activity to third parties, outside its group perimeter, trading under the brand Ageas Re.
By expanding its reinsurance activities to the open market and writing third-party business, Ageas hopes to further increase its benefits from diversification.
In recent years, the company’s reinsurance business has grown from an internal activity to a significant segment of the group with a top line of €1.6 billion and net profit of €87 million in 2021, with Ageas also holding a 25% stake in Taiping Re as of 2020.
Under Ageas’s Impact24 strategic plan, reinsurance has been identified as a key engine for future growth, and the firm currently sees favourable market conditions in terms of pricing and a high dynamic in the reinsurance market, which it says should help it in establishing new client relationships.
The main underwriting focus, in this initial stage, will be P&C reinsurance in EMEA which complements the business the group has in its joint venture with Taiping Re. Ageas will start activities progressively for the upcoming 1st January 2023 renewals.
The reinsurance business will be underwritten at the level of the top holding, ageas SA/NV, a licensed reinsurer since 2018.