Zurich Eurolife in June 2017 announced the acquisition of an existing book of international pension plans from AG2R La Mondiale’s (AG2R) Luxembourg-based subsidiary La Mondiale Europartner.
The transaction is expected to close during the second half of 2017, after regulatory approval. The new agreement with La Mondiale Europartner will see their existing customers transfer to Zurich’s international pension plans.
AG2R and Zurich have enjoyed close relationships for many years, most notably with AG2R serving as Zurich’s global employee benefits network partner in France. AG2R has made pooling arrangements, captives and international programs available to French customers and intermediaries for many years. The new agreement increases the scope of joint offerings in France. After the portfolio transfer is concluded, AG2R will continue to be a key partner to Zurich by offering its clients and partners Zurich’s international pension solutions for their expatriates and mobile employees.
Xavier Nevez, CEO of Zurich Eurolife, elaborated on future plans: “This new agreement allows us to build on our global distributor relationships and extends our international corporate savings footprint with multinational organizations in France and in the E.U.”
AG2R La Mondiale is France’s largest paritarian institution and La Mondiale Europartner is its Luxembourg-based subsidiary dedicated to international high net worth clients (HNWI).
Part of Zurich Life Insurance Corporation (ZLIC), Zurich Eurolife is a Luxembourg-based, wholly owned subsidiary of Zurich Insurance Group and has been writing group life insurance since 1995.