Fortis has become the largest insurer in its home country through the linking of two of its independent intermediaries, Fortis AG and FB Insurance, the company has revealed. The tie-up will create Fortis Insurance Belgium, which will be headed by Jozef De Mey.
Despite the tie up, the insurer said that it will maintain the current successful operational organization of the two intermediaries. Therefore, Fortis Insurance Belgium will continue to serve customers through two distinct channels with distinct commercial policies for the specific strong product portfolios, including separate pricing policies and fees.
The management committee of the new company, chaired by Jozef De Mey, will reflect this dedicated approach to the twin distribution channels. Eugene Teysen will be responsible for the intermediaries channel and Claire Pletinckx will head the banking channels (Fortis Bank and Bank van De Post/Banque de La Poste). Their responsibilities will cover both life and non-life insurance. Bart De Smet will remain in charge of group insurance, pensions and healthcare.
To support the growth of these three lines of the business, one single department for asset management will be created and managed by Carl Dierckx, the area of financial reporting, legal and fiscal affairs and risk management will be put under the leadership of Philippe Latour and the support functions like HR, IT, organization and facility services will report to Kurt De Schepper.
Commenting on the move, Jozef De Mey said: From several possible business alternatives that were thoroughly examined, we chose a business model and structure that will retain and emphasize the uniqueness and special features of the banking and intermediaries channels, yet still create scope and opportunities for synergies. Our intention is to establish Fortis Insurance Belgium as a legal entity in the first half of 2006.