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Luxembourg's Foyer to acquire GB Life Luxembourg

GB Life Luxembourg SA has signed an agreement to be acquired by Luxembourg-based insurer Foyer SA.

CEO Pieter Coopmans said the acquisition will enhance the company's execution of its commercial strategy, benefiting from Foyer's experience, stability and strong market presence.

The acquisition is subject to the regulatory approval of Luxembourg's Commissariat aux Assurances.

GB Life Luxembourg is owned by Global Bankers Insurance Group LLC, the North Carolina-based company controlled by Eli Global LLC, whose founder, Greg Lindberg, was indicted earlier in 2019 on charges related to an alleged scheme to bribe the North Carolina insurance commissioner. Global Bankers acquired what was then known as NN Life Luxembourg from Netherlands-based NN Group NV in 2017.