The acquisition of GB Life Luxembourg is expected to boost Foyer’s position in the international life insurance sector
Foyer, a Luxembourg-based financial group, has agreed to acquire GB Life Luxembourg for an undisclosed price in a move to expand its life insurance activities.
GB Life has been providing life insurance solutions across Europe for more than 25 years. The company has launched a digital life insurance solution called ePlatinum, and a digital platform for partners and clients called Implementing eConnect.
The company also claims to have made integrated partnerships in recent years, which include co-designing solutions and services with financial institutions and insurance intermediaries.
What GB Life gains from the acquisition by Foyer
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 said GB Life has significant growth potential and that its acquisition complements its existing offer proposed by its insurance company WEALINS, which caters to a high-net-worth individual (HNWI) clientele.
Foyer CEO Marc Lauer said: “The acquisition of GB Life represents an opportunity to expand our activities in life insurance as a wealth management instrument. It is part of our strategic development vision and allows us to reinforce our competitive position.
“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 center for cross-border life insurance.”
The closing of the acquisition is subject to approval by the Luxembourg regulatory authority — Commissariat aux Assurances.
Foyer, which was founded in 1922, has footprint in various European countries through its insurance, benefit protection insurance and wealth management services.