Regulated information - Additional information regarding Ageas's transfer of its portfolio of run-off reinsurance liabilities to Swiss Re.
(Thomson Reuters ONE) -
Ageas announced that it has entered into an agreement to transfer all of the
run-off business of Intreinco N.V. (Intreinco), the former reinsurance captive
of the Fortis Group, to Swiss Re. Between 2000 and 2008, Intreinco has
underwritten reinsurance liabilities of current and former Ageas insurance
subsidiaries, including AG Insurance SA/NV, Ageas Insurance Ltd, Amlin Corporate
Insurance N.V. and ASR Schadeverzekering N.V. Intreinco has not underwritten any
new business since 2009.
This operation is consistent with Ageas's commitment to extract maximum value
for shareholders from legacy issues and to simplify its organisational
structure. From Swiss Re's perspective, the transaction is aligned with the
company's risk appetite and underscores its commitment to supporting clients
with run-off solutions.
The transaction will be structured as a transfer of liabilities (amounting to
EUR 143 million as at 31 December 2010) against a one-off payment by Ageas to
Swiss Re. The transaction is expected to generate a limited exceptional net
result at the moment of closing.
Completion of the transaction is subject to certain approvals and is expected
before year end 2011. Following completion, Ageas will no longer have
reinsurance liabilities in its General Account.
Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. These are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia and
served through a combination of wholly owned subsidiaries and partnerships with
strong financial institutions and key distributors around the world. Ageas
operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal,
China, Malaysia, India and Thailand and has subsidiaries in France, Germany,
Hong Kong and UK. It is the market leader in Belgium for individual life and
employee benefits, as well as a leading non-life player, through AG Insurance,
and in the UK, it has a strong presence as the second largest player in private
car insurance and the over 50's market. It employs more than 13,000 people and
has annual inflows of almost EUR 18 billion.
Press contact
+32 (0)2 557 57 37
Investor Relations
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands
www.ageas.com
Pdf version press release:
http://hugin.info/134212/R/1525723/461377.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
[HUG#1525723]
Unternehmensinformation / Kurzprofil:
Datum: 24.06.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 55837
Anzahl Zeichen: 3589
contact information:
Town:
Brussel
Kategorie:
Business News
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