Ethias is not acquiring a stream of new business, but rather a stock of capital, investments and provisions. Delassur had ceased all new business as at 1 January 2025 and had since been managing its portfolio on a run-off basis. The sale process began in March 2026. In its management report signed on 20 March, Delassur stated that its main shareholder had “recently signed an agreement, subject to conditions precedent, for the sale of all Delassur’s shares”, which was expected to be finalised “in the coming months”. The document did not name either the buyer or the price.
The merger proposal published on 25 September provides the missing information: the Ethias Group acquired Delassur in 2026 to “increase the capacity of the risk lines underwritten by its captives”. The boards of directors of Delassur and Ethias Reinsurance approved the plan on 16 September.
Two profiles with different track records
Delassur was still part of the Louis Delhaize group at the end of 2025. Its accounts were consolidated into those of LDz – Compagnie franco-belge de distribution, based in Arquennes. The company, founded in 1987 under the name Louis Delhaize Société de Réassurances, adopted the name Delassur in April 2025. At the end of 2025, Delassur reported total assets of €34.73m, down 4.1% year-on-year. Its assets comprised €8.71m in loans to related companies, €4.16m in shares and fund units, €12.84m in bonds and €4m in bank deposits. It also held €3.75m in subscribed capital called up but not paid up by its shareholder.
The company held €28.80m in technical provisions, comprising €24.67m in equalisation provisions and €4.13m in claims provisions. It had not received any new premiums in 2025, compared with €2.54m in 2024. The gradual settlement of past liabilities generated income of €142,068 from claims. Its net financial income amounted to €902,191 and its net profit to €6,147, after regulatory allocations.
Ethias Reinsurance has a different profile. Established on 6 January 2025 with a fully paid-up share capital of 50 million euros, it collected €10.74m in non-life reinsurance premiums during its first financial year. Its claims expenditure amounted to €4.32m and its technical provisions to €11.43m. Its net profit was zero following an allocation of €7.44m to the provision for claims fluctuation. Its balance sheet totalled €61.70m at the end of 2025, comprising €43.46m in bonds and €15.64m in shares and fund units. The company had only one employee and underwrote risks exclusively for the Ethias Group.
Based on the 2025 financial statements, the two captive insurers had combined assets of €96.43m and technical provisions of €40.23m. Delassur accounted for 36% of their combined balance sheet, but nearly 72% of their provisions. These figures provide an indication of the financial scale prior to the merger; they do not take into account developments since January 2026. The transaction takes place in the Luxembourg market, which collected €15.59bn in reinsurance premiums in 2025, an increase of 7.41%. The top five operators accounted for 73.61% of this volume. The sector’s total balance sheet stood at €58.65bn and its technical provisions at €45.25bn.
The merger remains subject to prior authorisation from the Insurance Commission and approval by the general meeting of Ethias Reinsurance.
