Monument Assurance Belgium (MAB), a member of the Monument Re Group, has entered into an agreement to acquire the entire portfolio and all the staff of Intégrale.
This agreement follows a firm offer from MAB, which was considered by the provisional administrators appointed by the National Bank of Belgium (NBB) to be that which best meets the interests of Intégrale policyholders and staff.
The transaction remains subject to the final approval of the NBB.
During the transition period, MAB and Intégrale will take all steps necessary to prepare for a seamless transfer for policyholders, brokers and staff. In the meantime, Intégrale’s staff will continue to service policyholders and brokers as usual.
In addition to the transfer of assets at the time of closing, MAB will offer an 18-month employment guarantee to all employees and, in addition, a 3-month retention bonus to ensure continuity of service for policyholders and brokers through the transition to and integration into MAB.
Koen Depaemelaere, CEO of MAB commented: “We are delighted to have reached this agreement with Intégrale. Acquiring the portfolio of Intégrale allows us to secure policyholders’ benefits and the continuity of employment of the staff of Intégrale.
“It fits perfectly with our strategy of growth and consolidation in Belgium and strengthens our position as the leading life insurance consolidator.”
Manfred Maske, Group CEO of Monument Re added: “In keeping with the wider consolidation strategy of the Monument Re Group, we are very pleased to support MAB in providing this solution to Integrale.
“As a part of the completion process, we will make a substantial capital addition to the existing capital of MAB to further increase security to policyholders and staff. We look forward to welcoming the staff of Integrale to the wider Monument group.”