Foyer and Allianz Luxembourg enter into a strategic partnership
Foyer and Allianz Luxembourg enter into a strategic partnership and create synergies in corporate and “employee benefits” insurance.
In addition, Foyer acquires the Luxembourg insurance portfolio of Allianz.
Strategic partnership and development of synergies
Foyer and Allianz have formalised an agreement aimed at creating synergies between the two groups for the future development of their non-life and life insurance business in Luxembourg. On the one hand, they have entered into a strategic partnership for the marketing of non-life insurance contracts for SMEs and large companies’ accounts, which will enable them to capitalise on the combined expertise of the two groups. For large companies’ accounts, this partnership will be based on a collaboration with Allianz Global Corporate & Specialty, while for SMEs it will be with Allianz Benelux.
On the other hand, Foyer Vie and the Allianz Global Benefits network are exploring a cooperation model aimed at providing Allianz’s international clients with the best local solutions for their Luxembourg-based business, allowing Foyer Vie to benefit from Allianz Global Benefits’ internationally recognised expertise and international risk management solutions. These negotiations will be finalised in 2022.
Transfer of Allianz’s local portfolio to Foyer
In addition to these strategic developments, Foyer Group and Allianz Luxembourg have also signed an agreement for the transfer to Foyer of the insurance portfolios currently managed by Allianz Insurance Luxembourg, a branch of Allianz Benelux S.A. based in Belgium, and by Allianz Life Luxembourg S.A., on the local market, namely:
- The non-life insurance portfolios for individuals and companies
- Life insurance portfolios for individuals and groups (« Employee Benefits »).
A win-win operation
Through the transfer of Allianz’s Luxembourg portfolios, Foyer Group is strengthening its position as a leader in the local insurance market, while Allianz Luxembourg is refocusing its strategy on its international life insurance business sold under the freedom to provide services.
Thanks to this transaction and their strategic alliance for the future, Foyer and Allianz are combining their strengths and experience for the benefit of all their clients.