Bermuda-based Athora Holdings in January 2019 completed the acquisition of Generali Belgium [1], first announced in April 2018.
The final consideration paid is approximately €540 million. Generali Belgium has 530,000 customers and sells a range of life and non-life insurance policies through around 1,000 independent brokers. In 2017, total premium income amounted to €640 million and assets to €6.5 billion.
The company will be rebranded to Athora Belgium in the first half of 2019; it further plans to expand its presence in Belgium, the Netherlands and Luxembourg.
Athora remains Generali Employee Benefits (GEB)’s network partner in Belgium. As a result, GEB’s multinational pooling clients are not affected by the change.
Leadership
Athora group [2] is led by former investment banker and Managing Partner Michele Bareggi [3]; former investment banker Eric Viet [4] is the group’s Head of Benelux; former Generali Belgium chief distribution officer Dorsan van Hecke [5] is the interim CEO of the acquired business.
Athora now owns Athora Lebensversicherung in Germany (previously Delta Lloyd Lebensversicherung), Generali Belgium, Athora Ireland (previously Aegon Ireland), and Athora Life Re, a Bermuda-domiciled reinsurer. The group has about 800 employees, 800,000 policyholders, and total consolidated assets of €15 billion.
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