Athora Holding has completed the acquisition of Generali Belgium, a Belgium-based insurer. The final consideration paid was approximately €540 million. The company will be rebranded to Athora Belgium prior to the end of the second quarter of 2019.
Michele Bareggi, Athora group managing partner, 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.”
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.”
Dorsan van Hecke, Generali Belgium’s interim CEO, commented: “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.”