Foyer Group has signed an agreement to purchase GB Life Luxembourg as part of a strategy to expand its global footprint.

GB Life, which overhauled its business model last year to match the emerging trends in international market, provides life insurance solutions across Europe.

Foyer Group hoped that takeover of GB Life will enable it to expand its services among high net worth individuals in the European market.

GB Life CEO Pieter Coopmans said: “The acquisition by Foyer Group offers a great opportunity for GB Life and its partners and clients.

“We will benefit from their experience, stability and strong market presence enhancing the execution of our commercial strategy.”

Foyer Group already manages a subsidiary active in life insurance space. It targets a similar clientele based and Foyer believes that the transaction would support its existing offering.

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Foyer chief executive Marc Lauer said that the buyout of GB Life enables the company to expand its activities in life insurance as a wealth management segments.

“In addition, through this project, which also demonstrates the confidence of our shareholders and our financial strength, Foyer Group actively contributes to the development of Luxembourg as a leading centre for cross-border life insurance,” Lauer added.

The transaction is subject to receipt of approval by the Luxembourg regulatory authority, Commissariat aux Assurances.

Founded in 1922, Foyer runs its insurance, benefit protection insurance as well as wealth management businesses in various countries in Europe.