In a statement, Foyer and Allianz said they had formalized an agreement aimed at creating synergies between the two groups in their non-life and life insurance segments in Luxembourg.
According to this agreement, insurers join forces to market non-life insurance contracts intended for SMEs and large companies. They will also study how Allianz’s international clients will be able to benefit from local solutions for companies based in Luxembourg, in partnership with the Foyer. “These negotiations will be finalized in 2022”, specifies a press release.
As part of these developments, Foyer acquired the non-life insurance portfolios for individuals and companies as well as the life insurance portfolios for individuals and groups from Allianz. The transaction is subject to the approval of the official Luxembourg supervisory body for the insurance sector (CAA) and the National Bank of Belgium.
“Beyond a portfolio transfer, I see in the development of synergies between our two groups a real opportunity to expand our offer for small, medium and large companies, with ever more robust and adapted insurance products. to their needs,” said Marc Lauer, CEO of Foyer.
Thanks to this transfer, Foyer strengthens its position on the local insurance market while Allianz refocuses its strategy on international life insurance activities.
“With the transfer of its activities to the local market, Allianz Luxembourg is strengthening its position as a European center of wealth expertise”, declared Eric Winter, CEO of Allianz Life Luxembourg and Managing Director of Allianz Insurance Luxembourg. “Thanks to the expertise of our group, we are able to offer, under the freedom to provide services, tailor-made and long-term solutions to our HNWI and UHNWI clients.”
This article was written by
in English, translated and edited by Paperjam in French.