Foyer S.A. Acquires Globality S.A.
- Published in iPMI Magazine Mergers Acquisitions News
March 10, 2023 and Foyer S.A., Luxembourg's leading privately owned financial group, signed an agreement to acquire 100% of the shares of Globality S.A., owned by ERGO Reiseversicherung AG, which is part of ERGO Group AG. This transaction is subject to the approval of the “Commissariat aux Assurances”.
Leadership in international health insurance
With this acquisition, Foyer S.A. is investing in a high-potential business sector and strengthening its position in international health insurance for expatriates, also known as IPMI ("International Private Medical Insurance"), an activity it has developed since 2014 through its young brand Foyer Global Health.
Globality’s team will integrate Foyer Group and will remain the trusted contact for Globality's distributors and customers. The combined expertise of Globality and Foyer Global Health’s teams will enable Foyer Group to further develop its activities and accelerate growth in the area of IPMI.
Bringing together two highly competent teams and advanced digital resources will focus on delivering enhanced services to all clients and distribution partners around the world.
Strategic partnership and development of synergies
Alongside the acquisition, Globality, Foyer and ERGO are developing a partnership in the field of distribution and international service centres. For example, Foyer Global Health / Globality IPMI products and solutions will continue to be integrated into ERGO and DKV's extensive international distribution network, which will benefit all of their customers.
Foyer will also retain Globality’s current relationships with ERGO’s international service centres, which will be key to ensuring continuity for current customers and offer a top tier service level to all its customers around the globe.
A win-win transaction
Through the acquisition of Globality, Foyer Group strengthens its position in the international health insurance market, while Globality brings its expertise and territorial reach, accelerating the expansion of its business.
Through this transaction and their partnership for the future, Foyer S.A. and ERGO are joining forces in distribution for the benefit of all Foyer Global Health and Globality partners and clients.
Marc Lauer, CEO of Foyer S.A. comments, "I am delighted to announce the acquisition of Globality, as it will undoubtedly enable us to accelerate our growth in the international health insurance sector.
While allowing us to continue providing our clients with the highest quality of service worldwide, this opportunity will take Foyer as a brand higher at an international level."
Founded in 1922, Foyer S.A. is a leading financial player in Luxembourg, celebrating its centenary in 2022. Its solidity lies in the strength of its shareholding, but also in the work of its 830 employees in three countries and its 625 agents in Luxembourg. Leader of the local life and non-life insurance, Foyer is active in several European countries through three business lines: insurance, benefit protection insurance and wealth management. Its extended range of products is aimed at individuals, professionals and companies, to whom it offers high-end and innovative services. Conscious of its corporate social responsibility, Foyer Group has also been involved for many years in general interest and solidarity projects.
Part of Foyer Group, a main financial and insurance player in Luxembourg, Foyer Global Health offers expatriate individuals and professionals, as well as their families, a complete range of health insurance cover that gives them access to top medical specialists and high-quality medical services around the world. Foyer Global Health's products are available directly online and are also distributed through an extensive network of trusted partners, such as international brokers and service providers.