Fortis sells its Luxembourg Non-life activities
(Thomson Reuters ONE) - Fortis announces it has reached an agreement with La Bâloise for thesale of its Luxembourg Non-life activities, Fortis Luxembourg IARD,for a consideration of EUR 23 million. Fortis Luxembourg IARD hadGross Written Premiums of EUR 22 million in 2008.In its recent strategic review, Fortis concluded that its activitiesshould meet certain criteria. More specifically businesses must becapable of reaching a critical size and make a meaningfulcontribution to Fortis' insurance earnings. It is in this contextthat Fortis has decided to divest Fortis Luxembourg IARD.Fortis considers the choice of La Bâloise as being in the best longterm interests of all parties involved, including employees,customers and agents. The new owner is ideally placed to grow thisfranchise in the future with the support of the employees of FortisLuxembourg IARD. They will continue to be the most importantcontributing factor in the company's future success. Appropriatemeasures have been taken to ensure that the transition to new ownerswill be as seamless and rapid as possible for all parties involved.Steven Braekeveldt, CEO Continental Europe, commenting on the sale ofthe Luxembourg Non Life activities said: "Our decision to divestFortis Luxembourg IARD reflects the Group's refocused strategy andour intention to ensure that our business achieves the best possiblereturns for the group. We plan to continue to focus on buildingstrong partnerships which fulfil the agreed criteria and reflect theGroup's strengths. Going forward, we will concentrate our efforts inLuxemburg on further developing our life operations in the local aswell as the international market."The transaction is subject to regulatory approval.With insurance as core business, Fortis (www.fortis.com) employs over10,000 people in in Belgium and internationally. Its four key marketsare Belgium, the United Kingdom, Continental Europe and Asia.Fortis's 75%-owned subsidiary AG Insurance is the long-establishedleader in its domestic Belgian Life and Non-Life insurance markets.It is also a leading player in the Employee Benefits segment.Outside Belgium, the wholly-owned subsidiary Fortis InsuranceInternational is active in the three other markets through directsubsidiaries, joint ventures and local partnerships. Fortis is set tobecome the second largest motor insurer in the UK and the company isalso applying its know-how in Asia to build high value-addedpartnerships.In 2008, 54% of Fortis's insurance revenues were generated by theBelgian market and 46% by the three other markets.Fortis additionally holds a 45% interest in the structured creditportfolio entity Royal Park Investments, and is the 100% owner ofseveral financing vehicles, of which it manages the assets andliabilities.The company is listed on Euronext (Brussels - Amsterdam).Fortis's robust commitment to social responsibility is expressedthrough the activities of its Fortis Foundations, which are dedicatedto philanthropy and promoting volunteer work.Press Contacts:Brussels: +32 (0)2 565 22 66Investor Relations:Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66http://hugin.info/134212/R/1346047/323239.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.10.2009 - 17:45 Uhr
Sprache: Deutsch
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