Business Insurance

Login  |  Register Subscribe

cbVid =

Belgium's Ageas acquires nonlife units from Portuguese joint venture

May 27, 2014 - 6:00am

Belgium-based Ageas S.A. has said it has acquired the nonlife operations of its Portuguese joint venture with Portugal's Millennium BCP.

Ageas acquired the remaining 49% stakes in the Medis and Ocidental Seguros units from Millenniumbcp-Ageas Grupo Segurador S.G.P.S. S.A. for €122.5 million ($167 million), Reuters reported.

Ageas CEO Bart De Smet said the Portuguese market "represents a promising opportunity for our group."

Millennium BCP will continue to distribute Millenniumbcp Ageas' insurance products until the end of 2029.

Read more


Get our daily Global Focus newsletter

You may also want to visit

International Content