Latest news with #HansDeCuyper
Business Upturn
5 days ago
- Automotive
- Business Upturn
Ageas Re partners with Slovenian insurer Triglav Group in connection with the Motor insurance business distributed by Italian Insurtech Prima
Ageas Re partners with Slovenian insurer Triglav Group in connection with the Motor insurance business distributed by Italian Insurtech Prima Today, Ageas Re, the reinsurance arm of Ageas Group, concluded a reinsurance agreement with Slovenian insurer Triglav Group in connection with the partnership entered into by Triglav Group with leading Italian direct Motor insurance distributor, Prima Assicurazioni S.p.A. (Prima), with the objective to expand its business portfolio and to contribute to the Ageas's Elevate27 profitable growth ambitions. Under to the agreement, Ageas Re takes an 80% Quota Share on the Prima business underwritten by Triglav Group in 2025, commencing in the coming weeks. Prima is a rapidly growing, profitable insurance distributor that began distributing personal lines policies, mainly Motor, in 2015. Since then, it has become the number 1 in the Italian Direct Motor business. In 2024, the company generated EUR 1.3 billion gross written premiums, servicing over 4 million customers, and EUR 104 million Group EBITDA. This agreement is in perfect alignment with Ageas's Elevate27 strategy to achieve profitable growth in an attractive European Non-Life market. The Italian Motor insurance market generates premiums in excess of EUR 15 billion, with consistent profitability. Through this partnership, Ageas Re teams up with a tech-driven, local champion, with proven track record, providing immediate market entry with considerable scale. Ageas Re anticipates inflows from this transaction in excess of EUR 500 million in 2025 and a Net Operating Result of around EUR 15 million, spread over 2025 and 2026. The impact on Group Solvency is estimated to be no more than -4 points in 2025. Hans De Cuyper, CEO of Ageas stated: The agreement with Triglav Group aligns well with many aspects of our newly launched strategy, Elevate27. This collaboration enables us to enter a promising European growth market in Non-Life insurance and achieve profitable growth through a partner with a strong market position.' Joachim Racz, CEO of Ageas Re continued: 'I am pleased to announce this partnership. Along with the entire Ageas Re team, I look forward to establishing a successful collaboration, offering high-quality insurance products to the Italian customer distributed by Prima. We would also like to thank Howden Re for the excellent management of the process and transaction.' George Ottathycal, CEO of Prima said: 'Prima Assicurazioni has experienced remarkable growth in the Italian motor insurance market, surpassing 4 million active customers in just ten years. This success is the result of our sophisticated and rigorous pricing and underwriting, outstanding user experience, and, most importantly, our carefully selected strategic partners who fully align with our cutting-edge, technology- and data-driven business model. Not only will the solidity and trust of the new partners Triglav Group and Ageas Re further expand our growth, but will also deliver significant value to our entire network of agents and brokers—and, above all, to our customers.' Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, commented: 'Our strategic ambition is to grow beyond existing markets and enhance Triglav Group's international recognition. The Italian motor insurance market presents a strong opportunity to support this goal, and we are pleased to be working with well-established partners Prima and Ageas Re. The Triglav Group will continue to explore opportunities for further growth and for delivering on the other objectives set out in our strategy.' Ageas is a Belgian rooted listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024. Prima Assicurazioni is an insurtech company operating as a specialized insurance agency in the automotive, home, and family sectors, serving over 4 million clients. It has revolutionized the Italian insurance market through innovation, technology, and a data-driven strategy. Thanks to unprecedented growth over its 10-year history, Prima's evolving business model has enhanced the user experience, offering competitive pricing and fostering greater market competition. A leader in Italy's online motor insurance sector, Prima also operates a nationwide network of agents. Since 2022, the company has expanded into the United Kingdom and Spain. For 125 years, the Triglav Group has earned the trust of clients and other stakeholders through its expertise, experience, and financial strength. It is the largest insurance-financial group in the Adria region and one of the leading groups in Southeast Europe. The Group operates in six countries, with broader international presence through insurance and reinsurance activities. Insurance and asset management are the two main pillars of its operations. The Group employs more than 5,000 people. Its mission is to create a safer future. The core values of the Group are responsiveness, simplicity, and reliability. Its vision is focused on strengthening its identity and recognition as an international insurance-financial group. Through sustainable operations, it provides a development-oriented environment for employees, maintains strong partnerships, and represents a stable, secure, and profitable investment for shareholders. The parent company of the Triglav Group is Zavarovalnica Triglav, a Prime Market issuer on the Ljubljana Stock Exchange. Attachment Pdf version of the press release Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
5 days ago
- Automotive
- Yahoo
Ageas Re partners with Slovenian insurer Triglav Group in connection with the Motor insurance business distributed by Italian Insurtech Prima
Ageas Re partners with Slovenian insurer Triglav Group in connection with the Motor insurance business distributed by Italian Insurtech Prima Today, Ageas Re, the reinsurance arm of Ageas Group, concluded a reinsurance agreement with Slovenian insurer Triglav Group in connection with the partnership entered into by Triglav Group with leading Italian direct Motor insurance distributor, Prima Assicurazioni S.p.A. (Prima), with the objective to expand its business portfolio and to contribute to the Ageas's Elevate27 profitable growth ambitions. Under to the agreement, Ageas Re takes an 80% Quota Share on the Prima business underwritten by Triglav Group in 2025, commencing in the coming weeks. Prima is a rapidly growing, profitable insurance distributor that began distributing personal lines policies, mainly Motor, in 2015. Since then, it has become the number 1 in the Italian Direct Motor business. In 2024, the company generated EUR 1.3 billion gross written premiums, servicing over 4 million customers, and EUR 104 million Group EBITDA. This agreement is in perfect alignment with Ageas's Elevate27 strategy to achieve profitable growth in an attractive European Non-Life market. The Italian Motor insurance market generates premiums in excess of EUR 15 billion, with consistent profitability. Through this partnership, Ageas Re teams up with a tech-driven, local champion, with proven track record, providing immediate market entry with considerable scale. Ageas Re anticipates inflows from this transaction in excess of EUR 500 million in 2025 and a Net Operating Result of around EUR 15 million, spread over 2025 and 2026. The impact on Group Solvency is estimated to be no more than -4 points in 2025. Hans De Cuyper, CEO of Ageas stated: The agreement with Triglav Group aligns well with many aspects of our newly launched strategy, Elevate27. This collaboration enables us to enter a promising European growth market in Non-Life insurance and achieve profitable growth through a partner with a strong market position.' Joachim Racz, CEO of Ageas Re continued: 'I am pleased to announce this partnership. Along with the entire Ageas Re team, I look forward to establishing a successful collaboration, offering high-quality insurance products to the Italian customer distributed by Prima. We would also like to thank Howden Re for the excellent management of the process and transaction.' George Ottathycal, CEO of Prima said: 'Prima Assicurazioni has experienced remarkable growth in the Italian motor insurance market, surpassing 4 million active customers in just ten years. This success is the result of our sophisticated and rigorous pricing and underwriting, outstanding user experience, and, most importantly, our carefully selected strategic partners who fully align with our cutting-edge, technology- and data-driven business model. Not only will the solidity and trust of the new partners Triglav Group and Ageas Re further expand our growth, but will also deliver significant value to our entire network of agents and brokers—and, above all, to our customers.' Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, commented: "Our strategic ambition is to grow beyond existing markets and enhance Triglav Group's international recognition. The Italian motor insurance market presents a strong opportunity to support this goal, and we are pleased to be working with well-established partners Prima and Ageas Re. The Triglav Group will continue to explore opportunities for further growth and for delivering on the other objectives set out in our strategy." Ageas is a Belgian rooted listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024. Prima Assicurazioni is an insurtech company operating as a specialized insurance agency in the automotive, home, and family sectors, serving over 4 million clients. It has revolutionized the Italian insurance market through innovation, technology, and a data-driven strategy. Thanks to unprecedented growth over its 10-year history, Prima's evolving business model has enhanced the user experience, offering competitive pricing and fostering greater market competition. A leader in Italy's online motor insurance sector, Prima also operates a nationwide network of agents. Since 2022, the company has expanded into the United Kingdom and Spain. For 125 years, the Triglav Group has earned the trust of clients and other stakeholders through its expertise, experience, and financial strength. It is the largest insurance-financial group in the Adria region and one of the leading groups in Southeast Europe. The Group operates in six countries, with broader international presence through insurance and reinsurance activities. Insurance and asset management are the two main pillars of its operations. The Group employs more than 5,000 people. Its mission is to create a safer future. The core values of the Group are responsiveness, simplicity, and reliability. Its vision is focused on strengthening its identity and recognition as an international insurance-financial group. Through sustainable operations, it provides a development-oriented environment for employees, maintains strong partnerships, and represents a stable, secure, and profitable investment for shareholders. The parent company of the Triglav Group is Zavarovalnica Triglav, a Prime Market issuer on the Ljubljana Stock Exchange. Attachment Pdf version of the press releaseError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Automotive
- Yahoo
Belgian insurer Ageas acquires UK's Esure from Bain Capital for €1.5bn
Belgium's Ageas has agreed to buy UK insurer Esure from private equity firm Bain Capital for around £1.3 billion (€1.5bn). Insurer Ageas said the deal would allow it to save at least £100 million (€115.8mn) per year before tax, according to a statement released on Monday. The firm added that the deal will expand its reach, helping to grow its market revenue to £3.3bn (€3.8bn) by 2028. The transaction is predicted to close in the second half of this year, subject to regulatory approval. 'This transaction will allow us to offer competitive value propositions to a wider customer profile via a multi-channel distribution model, positioning Ageas UK as one of the top three personal lines insurers,' CEO of Ageas Group, Hans De Cuyper, said on Monday. CEO of Esure Group, David McMillan, said in the same statement: 'Combining Ageas's scale, financial strength and excellent broker relationships with esure's strong retail brands, market-leading data capabilities and strength on PCWs, alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth.' Esure, which also operates under the brand names Sheilas' Wheels and First Alternative, was founded in 2000 and has been owned by Bain Capital since 2018. The group paid £1.2bn (€1.4bn) to end public ownership of the firm in 2018. Related UK insurers Aviva and Direct Line agree on sweetened takeover bid Aviva buys Direct Line, gaining share of the UK motor insurance market The deal also comes after Ageas attempted to expand its UK footprint by bidding for Direct Line. The British car insurer rejected two takeover bids from Ageas, the second of which valued the firm at £3.2bn (€3.7bn), branding the offer as 'unattractive' for shareholders. Direct Line is now being acquired by the UK's largest insurer Aviva for £3.7bn (€4.3bn), a takeover Direct Line approved after rejecting the firm's first offer. The acquisition means the combined group dominates more than 20% of the motor insurance market and 15% of the home sector. Esure said it had seen 'excellent progress' in its financial report for 2024, making a turnover of £1.1bn (€1.3bn), compared to £973mn in 2023. The company made a trading profit of around £126.8mn (€146.7mn) last year, up from a loss of £16.7mn in 2023. The deal between Esure and Ageas comes after the UK government launched an investigation into the high cost of car insurance last year, although prices have been falling in recent months.
Zawya
21-04-2025
- Business
- Zawya
Bankers get creative to sign M&A deals in Trump's trade war
After U.S. President Donald Trump's tariffs sent global markets sideways, Silicon Valley private equity firm Silver Lake Partners and chipmaker Intel added some new terms to a deal they had spent months negotiating. The talks continued for an extra week, during which the new clause was inserted into the final agreement announced Monday that deferred close to a third of the $4.46 billion it was paying for a majority stake in Intel's programmable chip business Altera, according to someone familiar with the matter. Amid the market slump and unpredictable tariff fight, bankers and investors are finding creative ways to get some multibillion-dollar deals done, albeit delayed, from Silver Lake's purchase of Altera to Prada's acquisition of Versace, both announced in the last two weeks. Some investors are adding clauses that protect them if the markets do not rebound while others have had to sweeten terms to get deals signed, interviews with more than a half dozen investors, bankers and corporate executives say. ACTIVITY FALLS While global dealmaking rose 12.6% in the first quarter to $984.38 billion from the year-ago period, it has since fallen off a cliff, according to data compiled by Dealogic for Reuters. M&A volume during the first half of April slid 29% from the same time last year to just $98 billion, the worst kickoff to the second quarter since 2020, the data shows. 'We live in turbulent times,' Hans De Cuyper, CEO of multinational insurance company Ageas, told Reuters in an interview. He said his team gamed out several different economic scenarios before deciding to buy home insurer esure from Bain Capital for 1.3 billion pounds ($1.7 billion), announced last week. Dealmakers say some companies are modifying terms with lenders or floating creative financing structures to bridge gaps in valuations that have tumbled in recent weeks. "People are rethinking deals, maybe cutting them a little bit. We saw this in 2008-2009 where deals had contingent value rights and earnouts because valuations were depressed. That might come back,' Alex Hecker, vice chairman of global M&A at Deutsche Bank, said in an interview. RECALCULATING NUMBERS Global Payments was close to closing an already complex, three-way, $24.3 billion deal to buy one of its rivals on April 2 when Trump announced sweeping tariffs on his self-proclaimed Liberation Day that sent the company's shares plunging by nearly 15% over the next two days. Days before executives hoped to finalize the agreement to buy Worldpay, they had to quickly recalculate their numbers, according to a person familiar with the matter. To seal the deal, part of which was being financed with stock, Global Payments executives decided to honor the company's pre-Liberation Day share price of $97, despite the fact it was trading in the low $80s, according to this person. For Silver Lake, Altera was also still worth the price, so they worked with Intel to mitigate some of the new risk that came with the tariffs. Instead of lowering its bid, Silver Lake decided to defer $1 billion of the purchase, $500 million to be paid at the end of next year and the last payment at the end of 2027, a securities filing shows. While it does not cut Intel's take, it increases Silver Lake's internal rate of return, a key metric for PE firms that measures an investment's profitability. ENHANCED STRUCTURE If the market rebounds to pre-Liberation Day levels in the next few months, as measured by the Philadelphia Semiconductor Index, the first $500 million payment will be paid when the transaction closes later this year. Other deals getting done in this turbulent market have been in the works for months and make a lot of strategic sense, like Prada's $1.38 billion April 10 agreement to buy rival Versace from Capri Holdings, dealmakers said. The two Milan fashion houses started talking in November after U.S. regulators blocked Capri's merger with U.S. retailer Tapestry , which owns the brands Kate Spade and Coach. "If a deal makes a lot of sense and it's good in any scenario – a strategic deal, easy to fund – then you keep moving along and do it,' Hecker said. (Reporting by Milana Vinn, Abigail Summerville, Isla Binnie and Echo Wang in New York and Amy-Jo Crowley, Charlie Conchie and Andres Gonzales in London; Editing by Dawn Kopecki, Anousha Sakoui and Chris Reese)
Al Arabiya
19-04-2025
- Business
- Al Arabiya
Bankers get creative to sign M&A deals in Trump's trade war
After US President Donald Trump's tariffs sent global markets sideways, Silicon Valley private equity firm Silver Lake Partners and chipmaker Intel added some new terms to a deal they had spent months negotiating. The talks continued for an extra week, during which the new clause was inserted into the final agreement announced Monday that deferred close to a third of the $4.46 billion it was paying for a majority stake in Intel's programmable chip business Altera, according to someone familiar with the matter. Amid the market slump and unpredictable tariff fight, bankers and investors are finding creative ways to get some multibillion-dollar deals done, albeit delayed, from Silver Lake's purchase of Altera to Prada's acquisition of Versace, both announced in the last two weeks. Some investors are adding clauses that protect them if the markets do not rebound while others have had to sweeten terms to get deals signed, interviews with more than a half dozen investors, bankers and corporate executives say. Activity falls While global dealmaking rose 12.6 percent in the first quarter to $984.38 billion from the year-ago period, it has since fallen off a cliff, according to data compiled by Dealogic for Reuters. M&A volume during the first half of April slid 29 percent from the same time last year to just $98 billion, the worst kickoff to the second quarter since 2020, the data shows. 'We live in turbulent times,' Hans De Cuyper, CEO of multinational insurance company Ageas, told Reuters in an interview. He said his team gamed out several different economic scenarios before deciding to buy home insurer esure from Bain Capital for 1.3 billion pounds ($1.7 billion), announced last week. Dealmakers say some companies are modifying terms with lenders or floating creative financing structures to bridge gaps in valuations that have tumbled in recent weeks. 'People are rethinking deals, maybe cutting them a little bit. We saw this in 2008-2009 where deals had contingent value rights and earnouts because valuations were depressed. That might come back,' Alex Hecker, vice chairman of global M&A at Deutsche Bank, said in an interview. Recalculating numbers Global Payments was close to closing an already complex, three-way, $24.3 billion deal to buy one of its rivals on April 2 when Trump announced sweeping tariffs on his self-proclaimed Liberation Day that sent the company's shares plunging by nearly 15 percent over the next two days. Days before executives hoped to finalize the agreement to buy Worldpay, they had to quickly recalculate their numbers, according to a person familiar with the matter. To seal the deal, part of which was being financed with stock, Global Payments executives decided to honor the company's pre-Liberation Day share price of $97, despite the fact it was trading in the low $80s, according to this person. For Silver Lake, Altera was also still worth the price, so they worked with Intel to mitigate some of the new risk that came with the tariffs. Instead of lowering its bid, Silver Lake decided to defer $1 billion of the purchase, $500 million to be paid at the end of next year and the last payment at the end of 2027, a securities filing shows. While it does not cut Intel's take, it increases Silver Lake's internal rate of return, a key metric for PE firms that measures an investment's profitability. Enhanced structure If the market rebounds to pre-Liberation Day levels in the next few months, as measured by the Philadelphia Semiconductor Index, the first $500 million payment will be paid when the transaction closes later this year. Other deals getting done in this turbulent market have been in the works for months and make a lot of strategic sense, like Prada's $1.38 billion April 10 agreement to buy rival Versace from Capri Holdings, dealmakers said. The two Milan fashion houses started talking in November after US regulators blocked Capri's merger with US retailer Tapestry, which owns the brands Kate Spade and Coach. 'If a deal makes a lot of sense and it's good in any scenario – a strategic deal, easy to fund – then you keep moving along and do it,' Hecker said.
