Athora acquires Generali Belgium

Athora Holding Ltd. has announced that it has completed the acquisition of Generali Belgium SA / NV. The final consideration paid is approximately EUR540 million. The Company will be rebranded to Athora Belgium prior to the end of the second quarter of 2019.

Athora Group managing partner Michele Bareggi stated: “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. 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,” noted Viet.

After adjusting for the Acquisition, Athora has approximatelyEUR15 billion of consolidated assets, roughly 800,000 policyholders, and nearly 800 employees across five jurisdictions.