P&V Group signs agreement to acquire Private Insurer strengthening its position in the life insurance market

Thursday, 19 December 2019

ICMIF member the P&V Group (Belgium) has this week signed an agreement to acquire all the shares in Belgian life insurance company Private Insurer. Private Insurer has 18 employees and collected in EUR 70 million in premiums in 2018. The acquisition should be finalized before the end of the first quarter of 2020, subject to approval by the National Bank of Belgium.

Through this acquisition the P&V Group will strengthens its life insurance product offering in terms of life products known in Belgium as Branch 23. Branch 23 products do not offer a guaranteed return. The return depends on the investment funds which the policy is linked to. If these funds achieve good results, returns will be good. But in the opposite case, part of the invested capital could be lost. This is not always the case, however, as certain Branch 23 products are offered with capital guarantees.

The acquisition will involve the takeover of all the activities and personnel of Private Insurer, its portfolio and its products which are distributed by a network of professional financial intermediaries. In 2018, Private Insurer sold EUR 70 million worth of Branch 23 life insurance premiums, while the P&V Group collected EUR 18.5 million.

The P&V Group will integrate the expertise and specific know-how of Private Insurer in order to develop its product offering in terms of Branch 23 products, which are currently distributed to customers through broker networks under the Vivium brand and agent networks under the P & V brand.

Hilde Vernaillen (pictured), CEO of the P&V Group said: “The acquisition of Private Insurer is part of P&V Group's strategy of offering its customers a range of quality insurance products and enabling them to build up their pensions and/or manage their later years in the way that best suits their needs. Thanks to this acquisition, we will strengthen our position in the market and become a major player in Branch 23 life products”.

Private Insurer is a Belgian life insurer which has been focused on Branch 23 products since its creation in 2004. The company distributes its life insurance solutions through professional financial intermediaries, insurance brokers, financial planners, estate managers, private banks and family offices.

Thanks to its digital platform, Private Insurer offers its customers access to several banks, more than 30 wealth management companies and nearly 500 investment funds with 83 partners.

Barbara De Beurme, CEO of Private Insurer: “The P&V Group is a stable and financially solid player on the Belgian market. The acquisition of Private Insurer by the P&V Group confirms our growth ambition and our desire to maintain our quality of service, both to our customers and current distribution networks and to the customers of the P&V Group."