BRUSSELS--(BUSINESS WIRE)--Monument Assurance Belgium (“MAB”) and Intégrale have reached an agreement under which MAB will acquire the entire portfolio and all the staff of the insurance company Intégrale. This agreement follows a firm offer from MAB, which was considered by the provisional administrators appointed by the National Bank of Belgium (“NBB”) to be that which best meets the interests of Intégrale policyholders and staff. The transaction remains subject to the final approval of the NBB.
During the transition period, MAB and Intégrale will take all steps necessary to prepare for a seamless transfer for policyholders, brokers and staff. In the meantime, Intégrale's staff will continue to service policyholders and brokers as usual.
In addition to the transfer of assets at the time of closing, MAB will offer an 18-month employment guarantee to all employees and, in addition, a 3-month retention bonus to ensure continuity of service for policyholders and brokers through the transition to and integration into MAB.
“We are delighted to have reached this agreement with Intégrale. Acquiring the portfolio of Intégrale allows us to secure policyholders’ benefits and the continuity of employment of the staff of Intégrale. It fits perfectly with our strategy of growth and consolidation in Belgium and strengthens our position as the leading life insurance consolidator”, said Koen Depaemelaere, CEO of MAB.
“In keeping with the wider consolidation strategy of the Monument Re Group, we are very pleased to support MAB in providing this solution to Integrale. As a part of the completion process, we will make a substantial capital addition to the existing capital of MAB to further increase security to policyholders and staff. We look forward to welcoming the staff of Integrale to the wider Monument group.” said Manfred Maske, Group CEO of Monument Re.
Please send related press questions by email to: MAB@whyte.be (Célia Roger – 0478 82 74 70)
Intégrale SA is a Belgian life assurance company offering group and personal supplementary pension plans. It also offers pension savings plans to individuals.
Monument Assurance Belgium (MAB) is a Belgian life assurance company regulated by the National Bank of Belgium and approved by the FSMA. MAB is a member of the Monument Re Group and has established itself as the leading consolidator of life insurance and pension portfolios in Belgium. MAB operates from its offices in Brussels and is led by Koen Depaemelaere, CEO.
Monument Re is a reinsurer and asset consolidator with a proven track record in the acquisition and operation of portfolios or direct insurers in Europe. Monument Re has a presence in Bermuda which has full Solvency II equivalence along with Switzerland. The Monument Re Group also operates through its subsidiaries in Belgium, the Netherlands, Ireland, Isle of Man, Guernsey, and Luxembourg, with branches in Spain, Italy and Germany. Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.
Monument Re is backed by high-quality shareholders including Hannover Re, the world’s third largest reinsurer, Enstar, the industry’s largest non-life run-off consolidator listed on Nasdaq, and EL Financial, the parent company of Canadian life insurer Empire Life.