Luxembourg-based financial group Foyer S.A. is buying fellow international private medical insurance (IPMI) provider Globality from Munich Re-owned Ergo Group.
A distribution agreement is also being formed to allow the Globality products to be sold through the Ergo network once the deal is completed.
The transaction is subject to the approval of the Luxembourg regulatory authority Commissariat aux Assurances
Following the deal Globality’s team will integrate with Foyer Group and will remain the contact for Globality’s distributors and customers.
Foyer said in a statement that the combined expertise of Globality and Foyer Global Health’s teams will enable Foyer Group to further develop its activities and accelerate growth in the area of IPMI.
It added that bringing together the two teams and its digital resources would focus on delivering enhanced services to all clients and distribution partners around the world.
Alongside the acquisition, Globality, Foyer and Ergo are developing a partnership in the field of distribution and international service centres.
For example, Foyer Global Health and Globality IPMI products and solutions will continue to be integrated into Ergo and DKV’s international distribution network.
Foyer will also retain Globality’s current relationships with Ergo’s international service centre.
Marc Lauer, CEO of Foyer S.A., said: “I am delighted to announce the acquisition of Globality, as it will undoubtedly enable us to accelerate our growth in the international health insurance sector.
“While allowing us to continue providing our clients with the highest quality of service worldwide, this opportunity will take Foyer as a brand higher at an international level.”