Athora Holding, a portfolio company of Apollo Global Management, has agreed to acquire Generali Belgium for a cash consideration of approximately €540m ($668.5m).

Generali Belgium, which is currently the 11th largest insurer in Belgium, offers a wide range of insurance products to retail and corporate clients.

Through its network of more than 1,000 independent brokers, the acquired company offers single and recurring premium savings; pension and unit-linked life products; motor, homeowners and renters non-life coverage.

Generali Belgium has approximately 420,000 clients and reported total gross written premiums of over €640m last year, and total assets of €5.3bn.

Athora group managing partner Michele Bareggi stated: “Since our successful capital raise in April 2017, we have been rapidly expanding our presence in Europe. In addition to launching our business with the acquisitions of Delta Lloyd Lebensversicherung in 2015 and Aegon Ireland earlier this month, this transaction is another major step toward our goal of becoming the premier European insurance consolidator and life reinsurance partner.

“Belgium is a target market for Athora, where we plan to deploy substantial capital over the next few years, and Generali Belgium is a perfect fit for our strategy and growth plans in the country.”

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Subject to regulatory approvals, the deal is expected to conclude in the second half of this year.

Early this month, Athora concluded the acquisition of Aegon Ireland, the Irish subsidiary of Dutch insurer Aegon, in a transaction valued at about €195m.