Nationale Suisse sells its subsidiary Nationale Suisse Belgium to the Enstar group. The two underwriting agencies Vander Haeghen & Co and Arena, which focus on specific risk insurances, will join Torus Insurance, the active underwriting company of Enstar. The three companies together generate more than 70 percent of the premium volume of Nationale Suisse in Belgium.
After an in-depth review, Nationale Suisse decided in 2014 that the Belgian market would no longer be regarded as strategic and has now commenced its withdrawal. The sale will become effective once the competent authorities have approved the change of ownership. The total consideration for the transaction will be EUR 33.7 million. As concerns Nationale Suisse Belgium, the restructuring measures linked with this transaction will be implemented by means of a still to be agreed social plan.
After this transaction has been completed, Nationale Suisse will only be represented on the Belgian market through L’Européenne, a company specialising in travel insurance. A strategic review of L’Européenne is still in progress. Furthermore, Nationale Suisse will continue to underwrite art insurance business in Belgium via its subsidiary in Liechtenstein.
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