Athora completes first purchase of non-life business
Athora Holding has completed its acquisition of Generali Belgium, the Belgium-based subsidiary of international insurance group Assicurazioni Generali, for approximately €540 million in cash.
This deal marks Athora's first purchase of a non-life business, but builds on the non-life track record of Athora’s strategic partner and investor, Apollo Global Management.
Apollo’s other non-life investments include Tranquilidade (Portugal), Amissima (Italy), and Catalina Holdings (Americas and Europe).
Generali Belgium provides a broad set of insurance solutions to retail and corporate clients through a network of over 1,000 independent brokers. The company serves the Belgian market with a product set that includes single and recurring premium savings; pension and unit-linked life products; motor, homeowners and renters non-life coverage.
The acquired business will rebrand to Athora Belgium prior to the end of the second quarter of 2019.
“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," said Michele Bareggi, Athora group managing partner.
“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.”