Luxembourg-based insurer Foyer has completed its acquisition of compatriot IPMI provider Globality, after receiving regulatory approval from the Commissariat aux Assurances.
The newly combined entity is now focusing on the integration stage of its resources. Stability and continuity are the guiding principles of the merger.
The upcoming acquisition was announced in March, but was still awaiting approval from the regulatory authority in Luxembourg.
The new company is composed of Foyer Global Health, the business line of Foyer’s Group dedicated to international health insurance, and Globality Health, formerly a part Munich Re-owned ERGO Group.
“Foyer Global Health aims to accelerate the expansion of its business while Foyer and ERGO have agreed on the extension of the long-standing distribution and service partnership previously established between Globality, ERGO and DKV,” Foyer said.
“It will also offer advanced digital tools and a dynamic environment for the merged companies to grow.”
The move strengthened Foyer’s IPMI business activity and is seen by the two companies as an important milestone and a win-win situation for both organisations.
François Jacquemin, chief executive officer (CEO) of Foyer Global Health and Globality, (pictured) said: “We are looking forward to providing our clients with the best of both worlds
“Foyer Global Health and Globality Health, both have years of expertise as premium health insurance providers for corporate expat communities as well as individual policyholders”, he said.
Cornelia Roeskau, managing director of Globality, added: “Foyer is investing in the IPMI market, which brings significant benefits to our clients and partners. We look forward to joining forces to generate more growth in this area.”