Gatsby and White Agency S.A. has finalized the takeover of Deutsche Bank’s agency agreement linked to their portfolio of contracts at Cardif Lux Vie on October 1st, 2018.
This new acquisition by Gatsby & White Agency S.A. coincides with the official application date of the European Insurance Distribution Directive (IDD). The implementation of IDD’s set of regulatory requirements aims at better consumer protection, transparency and ensures a global level playing field in insurance distribution. This new piece of legislation further supports the ever-growing need for efficient task and responsibilities allocation to specialized independent actors.
Gatsby & White is an independent, privately-owned company which has experienced a sustained growth over the past years and has developed a unique and bespoke offering in the life insurance solutions segment offering both brokering and agent services. The firm is headquartered in Luxembourg with offices in Belgium, Switzerland and Liechtenstein.
Gatsby & White Agency S.A. will solely take over the Agency role while asset management and custody of the portfolio will stay with Deutsche Bank Luxembourg.
Gatsby & White has been advised for this transaction by Matt Moran’s team at PwC Luxembourg as well as by Me Jean-François Steichen, specialized insurance lawyer in Luxembourg.
Serge Krancenblum, Chairman of Gatsby & White Agency S.A. described this operation by saying, “This is yet another key milestone for the Gatsby & White Group. This acquisition complements our offering, jurisdictional capabilities and international presence in our key client segments. Through this transaction, Gatsby demonstrates, once more, that it is positioning itself as the leading independent European life insurance solution intermediary.”
Frank Krings, CEO of Deutsche Bank Luxembourg S.A., said “With a view to further simplifying our business model and focusing on core areas of innovation and expertise, we decided to cease our insurance agency activity. By partnering with Gatsby & White we have entrusted a specialized Luxembourg based insurance intermediary with the future servicing of the portfolio.”
Jacques Faveyrol, CEO of Cardif Lux Vie, commented “This transaction is a useful step towards the rationalisation of our intermediation network and consistent with the new requirements of IDD. The agreement has no impact on our customers, who will enjoy continuity of service.”
About Gatsby & White
Gatsby & White has been established in response to the regulatory challenges related to insurance intermediation and the recognition that private clients need a trusted and fully independent advisor by their side. Since 2013 Gatsby & White has become the preferred partner of major insurance and banking groups and delivers expert and unbiased advice on insurance solutions while placing the end client’s interest at the heart of tailor made wealth planning strategies.
About Deutsche Bank
Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. Deutsche Bank provides banking services to companies, governments, institutional investors, small and medium-sized businesses and private individuals.
About Cardif Lux Vie
Cardif Lux Vie is a Luxembourg insurance company that ranks among the major players in the market. Owned by a strong shareholder base (BNP Paribas Cardif, BGL BNP Paribas and Ageas), it benefits from a strong foothold both locally and internationally. Cardif Lux Vie meets the specific needs of customers on several complementary markets: life insurance that caters for retail clients, collective insurance for businesses and international life insurance as a wealth structuring tool. For private individuals and professionals in Luxembourg and the Greater Region, Cardif Lux Vie provides the bancassurance channels with global, integrated solutions with high added value. For high net worth international clients, the insurer operates under the freedom to provide services regime and has a large network of premium partners (Private Banks, financial institutions, brokers, etc.). It proposes customised and sustainable solutions using a comprehensive range of wealth structuring tools.
Mr. Michiel Van der Biest
Tel: 00352 24 84 45 50