Foyer and Allianz in a statement said they have formalised an agreement aimed at creating synergies between the two groups in their non-life and life insurance segments in Luxembourg.

Under the deal, the insurers are teaming up for the marketing of non-life insurance contracts for SMEs and large companies. They will also look at how Allianz’s international clients can benefit from local solutions for Luxembourg-based businesses in partnership with Foyer. “These negotiations will be finalised in 2022,” a statement said.

As part of these developments, Foyer acquired the non-life insurance portfolios for individuals and companies as well as life insurance portfolios for individuals and groups from Allianz. The transaction is subject to approval from Luxembourg insurance regulator CAA and the National Bank of Belgium.

“Beyond a portfolio transfer, I see in the development of synergies between our two groups a real opportunity to expand our offer for small, medium and large companies, with insurance products that are increasingly robust and adapted to their needs,” said Foyer CEO Marc Lauer.

Through the transfer, Foyer is strengthening its position in the local insurance market while Allianz is refocusing its strategy on international life insurance business.

“With the transfer of its activities on the local market, Allianz Luxembourg is strengthening its position as a European hub for wealth expertise,” said Eric Winter, CEO of Allianz Life Luxembourg and general manager of Allianz Insurance Luxembourg. “Thanks to the expertise of our group, we are able to offer, under the freedom to provide services, tailor-made, long-term solution to our HNWI and UHNWI clients.”