Following the completion of the deal, which was first signed in April last year, the acquired entity will be renamed as Athora Belgium before the end of the second quarter of this year.
Commenting on the deal, Athora group managing partner Michele Bareggi said: “The completion of this transaction is another milestone in our journey to create a leading European long-term insurance and reinsurance business.
“The Belgian market offers opportunities for Athora to continue to develop the Company’s retail insurance business and we are looking forward to building on Generali Belgium’s 117 years of invaluable history and experience.”
Athora head of Benelux Eric Viet said stated: “In addition to growing the Generali Belgium business, we plan to deploy substantial capital over the next few years in Benelux and are actively looking at growth in the region.”
Generali said the divestiture of Belgian operation is part of its strategy to enhance its operational efficiency and improve capital allocation.
Even after the completion of the deal, the Italian Insurer will continue to offer its global business lines and Europe Assistance insurance and assistance solutions in the country.
Generali Belgium interim CEO Dorsan van Hecke stated: “With the arrival of Athora, we are entering into a new chapter in the company’s long history in Belgium and it is important that Athora provides continuity for our broker partners and customers.
“We have strong ambitions for our business lines and we will continue to invest in our relationship with brokers so that they have the tools to offer competitive products and services to customers. The company remains a Belgian regulated entity and its insurance policies will stay in Belgium.”
Athora manages insurance subsidiaries in Germany and Ireland along with a reinsurance subsidiary in Bermuda.