KBC has closed the previously announced transaction with affiliates of JC Flowers & Co for the sale of its subsidiary Fidea, having received the necessary regulatory approvals.
The acquisition of Fidea represents an important investment in the Belgian market by JC Flowers & Co.
Fidea is a well-established player on the Belgian insurance market and a well-known brand. The company offers both life and non-life insurance products to private customers, the self-employed and companies. It sells its policies through independent insurance brokers and – within a bancassurance co-operation agreement – through Centea’s and Crédit Agricole’s network of bank agents.
JC Flowers & Co is an international private equity group specialised in investments in the financial services sector. Through its affiliated investment funds, JC Flowers & Co. has owned and operated financial institutions, including insurance companies, across Europe for many years.
The Fidea brand and management team will be maintained and Fidea will continue to operate out of Antwerp. In order to ensure service level continuity, KBC will be providing, among other things, IT-related support to Fidea during the transition phase over the coming three years.
Jan Vanhevel (pictured), KBC group CEO: ‘With the closing of the divestment of Fidea we are turning another page in the execution of the strategic plan we agreed with the European Commission. It is with regret that we say goodbye to our Fidea management and staff. I would like to thank them for their commitment and effort over the years and wish them every success.”
Johan Thijs, CEO of KBC’s Belgium Business Unit and Chairman of Fidea’s Board of Directors: ‘I am proud to see that the quality and skills of Fidea’s staff and management have strongly contributed to the success and excellent reputation of the company in the many years that it was part of our group. I am convinced that JC Flowers & Co will be able to build on their expertise and will support Fidea in continuing its successful track record, to the benefit of all its stakeholders.’
J Christopher Flowers, Chairman of JC Flowers & Co: “We are very pleased to finalise our investment in Fidea. Fidea will be a strong addition to our portfolio of financial services companies, and we are eager to begin working with the management team toward a prosperous future as an independent company.”
Edwin Schellens, Fidea CEO: ‘As of today, Fidea will be working in a new ownership constellation, with a strong track record. We look forward to working with JC Flowers to develop together with us a new strategy as a stand-alone insurance company and will continue to deliver high quality service for our customers, brokers and bank agents, supported by our dedicated staff and our well-reputed brand”.