Enstar to buy Nationale Suisse Belgian operations
National Suisse has agreed to sell its Belgian operations to Enstar for €33.7 million, as it seeks to exit the Belgian market.
Nationale Suisse Assurance (NAB) is a Belgium-based insurance company writing non-life specialty insurance and life insurance.
As part of the transaction, Enstar subsidiary Torus will acquire NAB's two underwriting agencies, Vander Haeghen & C° and Arena. Vander Haeghen & C° specialises in luxury car and other specialist insurance products and Arena is a sports club insurance agency.
In addition, Torus' European insurance platform will acquire the right to renew certain business currently underwritten by NAB, including the business placed by Vander Haeghen & C° and Arena, as well as other select lines. In connection with the transfer of certain of NAB's renewal business to Torus, NAB will be placed into an orderly run-off.
The transaction is expected to close during the second quarter of 2015.
