Keeping up with the market – January 2022

Every month we help you keep up with the Belgian insurance market.

 

Mergers & Buy-out

Octium & Credit Suisse

Dara Hurley, CEO d’Octium, représente le groupe d’assurances basé au Luxembourg, dont les produits et services sont conçus à des fins de planification et de succession. (Photo: Octium)

Dara Hurley, CEO of Octium

The international and independent insurance group Octium has announced that the acquisition of Credit Suisse Life & Pensions AG is completed. Specialized in the design and distribution of privately managed life insurance products, Octium group has approximately 10 billion euros in assets under management and has around 75 employees.

In 2017, Octium already bought out UBS International Life. Today with the Credit Suisse acquisition, the group is strengthening its international growth and strategic positioning on the European markets.

 

Monument Re & AXA Belgium

Manfred Maske, CEO of Monument Re Group

AXA Belgium agreed to transfer to Monument Re its run-off life insurance portfolio for 2.6 billion euros of BEGAAP provisions, subject to regulatory approvals. It has been the seventh transaction of Monument Re in Belgium.

Based in Bermuda, the life reinsurer and insurance holding company previously acquired the former insurer Integrale. Manfred Maske, CEO of Monument Re Group and Chairman of MAB (Monument Assurance Belgium) said: “After the closing of the deal with Integrale last week, we are delighted to announce this transaction which fits perfectly with Monument’s consolidation strategy and confirms Belgium as a key target market for us. Following earlier acquisitions of six other Belgian portfolios, this transaction with AXA Belgium continues that trajectory and affirms MAB’s position as the leading consolidator in the Belgian market.”

 

AXA Belgium & Crelan 

Le Groupe Crelan et le Groupe AXA ont finalisé l'accord de partenariat

Thanks to the long-term partnership with Crelan and the acquisition of Crelan Insurance, AXA Belgium has reinforced its position on the Belgian market. First, in life insurance through the acquisition of Crelan Insurance, mainly active in the marketing of loan protection insurance. Also in non-life insurance with a long-term distribution agreement with the bank Crelan.

As we mentioned in our previous newsletter, Crelan is looking also to the future. Indeed, AXA has now completed the sale of AXA Bank Belgium (its Belgian banking operations) for 690 million euros to  Crelan. The operational merger of the two entities will take another two more years to be completed.

 

Partnership

Samsung & Bolttech

Samsung care +Samsung and the international insurtech Bolttech expended their partnership to 6 new European countries: the Netherlands, Norway, Sweden, Finland, Denmark, and finally Belgium. Their service was already operational in 7 Asian countries.

The insurance Samsung Care+ covers smartphones, tablets and portable devices against physical and liquid damage.

 

News of the market

Belgium takes stake in Ageas

The Belgian State, through the SFPI-FPIM, has acquired 6.3% stake in the capital of  Ageas to firmly anchor the insurance company in Belgium. After Fosun, the SPFI-FPIM is now the second shareholder of Belgium’s largest insurer. The threat that Ageas would be taken over by foreign investors is now lifted. The Belgian State also puts forward the argument that Ageas owns the subsidiary AG Insurance which plays a crucial role in pensions.
In addition, the Belgian Federal State was very supportive of the SFPI-FPIM’s decision. About the maneuver, Minister Van Peteghem said “The financial sector is one our six strategic investment pillars and we are focused on smartly anchoring companies that are of strategic importance to the country’s economy.”

 

Rebranding: Baloise Insurance becomes Baloise

In the course of the year 2022, Baloise Insurance will change its name to Baloise. This new denomination is part of the Baloise Group rebranding’s strategic plan: “Simply Safe: Season 2”. The aim is to simplify its brands and unify all group subsidiaries under one brand only: ‘Baloise’. For Baloise’s clients, all services and processes are meant to be more accessible and understandable thanks to this rebranding plan and the new marketing strategy.

 

2021: Top 10 most costly disasters in 2021

According to a study published by the British organization Christian Aid, the 10 most costly natural disasters generated damage over 170 billion USD. It is 13% more compared to 2020. As the estimated are based on insured losses only, the actual costs are higher.

Atlas Magazine, January 2022

Among the top 3, Hurricane Ida comes in the first place. It occurred at the end of August 2021 in the USA and costed 65 billion USD. In the second place, the floods that took place in Germany, Belgium, France, the Netherlands and Luxembourg in July, with damage totaling 43 billion USD of losses. Finally, Winter storm Uri, again in the USA, holds the third place with a total loss of 23 billion USD.

Regarding the flood damage in Belgium, the Disaster fund has received 5,274 case files so far: 40% are related to cars and 35% concern personal property. The application deadline is extended until 18 April 2022.

 

At Work

Top Employers Institute awarded 8 Belgian insurance companies

Every year, the Top Employers Institutes grants the label ‘Top Employer’ to Belgian and International companies with great working conditions and the best HR practices.

Out of 1857 companies, 84 in Belgium stood out. Among them, there were 8 insurance companies: Ageas, AG Insurance, AIG, AXA Belgium, Ethias, KBC(CBC), NN and P&V.

 

 

Sources: