The Belgian operations of Generali will be rebranded to Athora Belgium before the middle of the year following its €540 million sale (around £489 million).
In separate announcements, the Italian insurance giant and Athora Holding Ltd said the deal – which was part of Generali’s overall strategy to optimise its geographical footprint and to improve operational efficiency and capital allocation – has been completed.
“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,” noted Generali Belgium’s interim chief executive Dorsan van Hecke.
“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.”
Meanwhile the acquisition means Athora now has approximately €15 billion of consolidated assets and around 800,000 policyholders. The specialist solutions provider employs nearly 800 people across five jurisdictions.
“The completion of this transaction is another milestone in our journey to create a leading European long-term insurance and reinsurance business,” commented 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.”
Generali Belgium, whose total premium income amounted to about €640 million in 2017, offers a range of life and non-life insurance policies through a country-wide network of a thousand independent brokers.
