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P&V Assurances to buy fellow Belgian insurer

Brussels-based P&V Assurances Scrl agreed to acquire Private Insurer NV, a Belgian life insurer.

Private Insurer specializes in "branche 23" policies, a type of life insurance used as a savings and investment tool. P&V said it would use the acquisition to increase its own offering of these products, noting that its revenue from the line was €18.5 million in 2018, compared to €70 million for Private Insurer.

The acquisition is targeted for completion in the first quarter of 2020, subject to Belgian central bank approval.