Nationale Suisse is selling the travel insurance portfolio of its Belgian subsidiary L'Européenne (Compagnie Européenne d'Assurance des Marchandises et des Bagages S.A, Brussels) to Mapfre Asistencia, a company of the Spanish Mapfre insurance group. With premiums of EUR 25 million, the portfolio generates about 30 percent of the premium volume of Nationale Suisse in Belgium. As part of the transaction, Mapfre Asistencia will be taking over the 16 employees assigned to the travel insurance portfolio. Subject to the approval of the authorities, the transaction will be completed by means of a portfolio transfer in the first half of 2015. The parties have agreed not to disclose the purchase price.
Withdrawal from Belgium completed
With the previously announced sale of the subsidiary Nationale Suisse Belgium together with its two underwriting agencies Vander Haeghen & C° and Arena to the Enstar Group, the sale of L'Européenne’s travel insurance portfolio marks the completion of Nationale Suisse’s withdrawal from the Belgian direct insurance market.
Nationale Suisse will continue to underwrite art risks in Belgium via its Liechtenstein-based subsidiary in future.
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