Delta LloydNV will merge its Belgian life insurance business into its Dutchlife insurance division as part of an initiative to simplify the corporatestructure of its Belgian operations.
Under the plan, Belgium-based andNetherlands-based Delta LloydLevensverzekering NV will be merged into a single legal entity andrisk bearer Jan. 1, 2017, pending regulatory approvals. The combined entitywill be registered in the Netherlands and will have a management teamcomprising incumbent Dutch and Belgian executives.
FilipDepaz, who was named managing director of Delta Lloyd Life on apermanent basis Oct. 1, will continue to oversee the group's commercial andoperational activities in Belgium, where it will operate as a branch officeunder local management.
Depaz will also become a member of the enlarged Delta LloydLevensverzekering's management team, while Peter Brewee, presently chief riskofficer of the Belgian life insurance business, will hold a similar position inthe enlarged business. The combined unit's management team will then compriseGerard van Rooijen as managing director, René Tuitert as CFO, Brewee as chiefrisk officer, Diederik Schouten as head of group life, Annemieke Visser as headof individual life and Depaz as head for Belgium.
The Solvency II standard formula ratios of Delta Lloyd Levensverzekeringand the group are expected to increase by around 10 percentage points and roughly 5percentage points, respectively, after the merger's completion.
Delta Lloyd added that the merger is not expected to affectits employees in Belgium as they will transition into Delta LloydLevensverzekering.