Athora Holding, together with its’ Athora subsidiaries, has completed the acquisition of Generali’s Belgian business, for a cash consideration of approximately €540 million ($613 million).
Primarily focused on the life segment, Generali Belgium is the 11th largest insurer in Belgium and serves around 420,000 customers through a team of 430 members and a network of over 1,000 brokers.
The business will be re-branded to Athora Belgium prior to the end of the second quarter of 2019.
Following the sale of Generali Belgium, Generali will remain present in the country continuing to provide its Global Business Lines and Europ Assistance insurance and assistance solutions.
“The completion of this transaction is another milestone in our journey to create a leading European long-term insurance and reinsurance business,” said Athora Group Managing Partner Michele Bareggi.
“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.”
Eric Viet, Athora’s Head of Benelux stated, “In addition to growing the Generali Belgium business, we plan to deploy substantial capital over the next few years in Benelux and are actively looking at growth in the region.”
“Athora’s shareholder base is comprised of 26 high-quality, long-term minded global investors that share our vision for building a market leading insurance and reinsurance business which offers acquisition, portfolio transfer and reinsurance solutions to insurers. We have a long-term interest in the Belgian market beyond a single transaction,” commented Viet.
Adjusting for this acquisition, Athora has approximately €15 billion of consolidated assets, roughly 800,000 policyholders, and nearly 800 employees across five jurisdictions.
Dorsan van Hecke, Generali Belgium’s Interim Chief Executive Officer, added, “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. The Company remains a Belgian regulated entity and its insurance policies will stay in Belgium.”
