Athora Completes Acquisition of Generali Belgium
PEMBROKE, Bermuda - Athora Holding Ltd. (together with its subsidiaries, “Athora”) today announced that it has completed the acquisition (“Acquisition”) of Generali Belgium SA / NV (“Generali Belgium” or the “Company”), the Belgium-based insurer. The final consideration paid is approximately €540 million. The Company will be rebranded to Athora Belgium prior to the end of the second quarter of 2019.
Athora Group Managing Partner Michele Bareggi stated “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” noted Mr Viet.
After adjusting for the 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 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.”
About Athora Holding Ltd.
Athora, through its subsidiaries, is a specialist solutions provider in the European insurance and reinsurance market. The company offers acquisition, portfolio transfer and reinsurance solutions to insurers to free up capital, management capacities and operating resources. The Company’s principal operational subsidiaries are Athora Lebensversicherung AG, located in Wiesbaden, Germany, Generali Belgium NV/SA, located in Brussels, Belgium, Athora Ireland plc, located in Dublin, Ireland, and Athora Life Re, a Bermuda-domiciled reinsurer. The Athora group has about 800 employees, 800,000 policyholders, and total consolidated assets of approximately €15 billion. For more information see www.athora.com.
About Generali Belgium NV/SA
Generali Belgium has been present in Belgium since 1901. From its head office in Brussels, Generali Belgium serves approximately 530,000 customers and sells a range of life and non-life insurance policies through a network of around 1,000 independent brokers across the country. In 2017, total premium income amounted to approximately €640 million and Generali Belgium's asset portfolio amounted to approximately €6.5 billion. For more information see www.generali.be.