Athora Holdings, an insurance group based in Bermuda, announced the completion of the acquisition of Generali Belgium for 540 million euros recently. Generali Belgium will be renamed Athora Belgium in June 2019 and is the third acquisition of Athora in Europe, after German Delta Lloyd Deutschland and its subsidiary Aegon Ireland, Aegon, Ireland.
The Aegon buy-out was reportedly worth some £170m by the way, and the Aegon name is being re-branded as Athora Ireland from 2019 onwards.
As Michele Bareggi said, executive director of the Athora Group, “The completion of this deal is another milestone in our effort to create a leading Re-insurance company in Europe. The Belgian market offers significant opportunities for the growth of the insurance industry to individuals and we look forward exploiting the invaluable experience of Generali Belgium, has 117 years of heritage behind the name.
“In addition to the growth of Generali Belgium’s operations, we plan to invest significant funds in the Benelux in the coming years,” added Eric Viet, head of Athora for the region.