What Ageas Re does

Ageas Re is the reinsurance division of Belgian insurance holding company ageas SA/NV, headquartered in Brussels with an additional branch in Zurich. The division was established in 2015 to accept reinsurance from Ageas Group entities and joint venture partners, and in 2022 extended its mandate to write Non-Life third-party reinsurance. As of January 2025, the third-party Non-Life portfolio stood at EUR 174 million of gross written premium in force, with management targeting EUR 0.8 to 1 billion of GWP over the long term.

The division provides Property & Casualty (P&C) reinsurance across the main European lines of business, with recent growth concentrated in Non-CAT, Specialty Lines, and Structured Reinsurance. It underwrites on the balance sheet of ageas SA/NV and benefits from the parent group's investment-grade ratings (S&P A+, Fitch AA-, Moody's A1), which function as a primary counterparty-strength signal for cedants. Distribution is enterprise-style: direct engagement with primary insurance companies and reinsurance brokers, supported by a LinkedIn presence and participation in the annual 1 January renewal cycle. Pricing is negotiated quote-by-quote against individual risk profiles and is not publicly disclosed.

Ageas Re operates with a lean team of approximately 34 employees split across Brussels and Zurich and is explicitly positioned as the growth engine of the Ageas Group. Revenue mechanics are those of a traditional reinsurer — recurring premium (GWP) written across multi-year treaties — with the third-party book layered on top of an existing intra-group and joint venture book that has been in place since 2015. No proprietary technology platform, AI/ML capabilities, or external funding are disclosed; the division's competitive position rests on parent-backed balance sheet strength, regulatory authorization across Belgium and Switzerland, and accumulated underwriting expertise.

Name

Ageas Re

Legal name

ageas SA/NV

Website

https://ageas-re.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Ageas Re is the Brussels-based reinsurance division of ageas SA/NV, providing Property & Casualty reinsurance across European lines from offices in Brussels and Zurich. It underwrites on the parent's balance sheet and serves Ageas Group entities, joint venture partners, and third-party cedants.

Ownership category

akta.pro rank

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Non-Life Third-Party Reinsurance: Ageas Re underwrites Non-Life reinsurance business, with EUR 174 million GWP in force as of January 2025. The company accepts reinsurance business from Ageas Group companies and joint venture partners since 2015. Target GWP is EUR 0.8 to 1 billion in the long term.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Ageas Re is a reinsurance division that provides Property & Casualty (P&C) reinsurance solutions to insurance companies and joint venture partners. It underwrites Non-Life third-party reinsurance across main lines of business including Non-CAT, Specialty Lines and Structured Reinsurance, accepting business from Ageas Group companies and joint venture partners. As of January 2025, the Non-Life third-party reinsurance portfolio stands at EUR 174 million GWP in force, with a long-term target GWP of EUR 0.8 to 1 billion.

Product overview

Ageas Re is a single unified reinsurance service offering P&C (Property & Casualty) reinsurance solutions. The company provides Non-Life third-party reinsurance and accepts business from Ageas Group companies and joint venture partners. The main areas of focus include Non-CAT, Specialty Lines, and Structured Reinsurance. As of January 2025, the Non-Life third-party reinsurance portfolio stands at EUR 174 million GWP in force, with a long-term target GWP of EUR 0.8 to 1 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-Life Third-Party Reinsurance P&C reinsurance solutions covering Non-Life third-party business across Non-CAT, Specialty Lines and Structured Reinsurance, offered to primary insurance companies from Brussels and Zurich offices.
• Intra-Group and Joint Venture Reinsurance Reinsurance capacity and financial strength support for Ageas Group companies and joint venture partners across their P&C insurance portfolios.

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Joint Venture PartnerscoreStrategic or Co-development Partner · 1 January 2015Ageas Re has been accepting reinsurance business from joint venture partners since 2015, providing reinsurance capacity and financial strength support to these partnerships.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Mapfre Re: Reinsurance arm of Mapfre group offering P&C and life reinsurance across Europe and Latin America. Comparable as a parent-owned European reinsurance division expanding third-party P&C business similar to Ageas Re.
• PartnerRe: Mid-sized global P&C and specialty reinsurer offering multi-line treaty and structured reinsurance. Most directly comparable in scale, product mix (P&C + specialty + structured), and target client base to Ageas Re's current profile.

Broad incumbents

• SCOR: Paris-based global reinsurer with significant P&C reinsurance exposure. Comparable as a European-headquartered P&C reinsurer competing for similar cedant relationships, though more diversified across life/health and larger overall.
• Swiss Re: Global reinsurer headquartered in Zurich with a large P&C reinsurance book and structured/specialty solutions. Highly comparable on geography (Zurich), product mix (P&C + specialty), and target segment (primary insurers seeking capacity), but at vastly greater scale.
• Munich Re: World's largest reinsurer offering broad P&C and life reinsurance globally. Comparable as a benchmark P&C reinsurer with a European base and broad line-of-business coverage, but far larger and more diversified than Ageas Re.
• Lloyd's of London: Global specialty insurance and reinsurance market. Comparable as a venue where Ageas Re's specialty and structured reinsurance competes for placement and where many of its target cedants and brokers transact.
• Hannover Re: Major European-based reinsurer with a strong P&C treaty and specialty reinsurance franchise. Comparable on P&C reinsurance focus and European footprint, though materially larger than Ageas Re.

Regional players

• R+V Re (R+V Versicherung group reinsurance): Reinsurance activity within the German R+V insurance group (DZ Bank cooperative). Comparable as another European, parent-backed reinsurance operation scaling third-party P&C treaty business alongside captive flows.
• Peak Re: Asia-focused P&C reinsurer backed by a strategic parent. Comparable as a parent-backed, growth-oriented regional reinsurer with similar captive-to-third-party evolution, though primarily serving Asia rather than Europe.

Emerging players

• Convex Group: Bermuda-based specialty P&C insurer and reinsurer founded in 2019, growing rapidly into specialty and structured lines. Comparable as a newer, growth-oriented specialty reinsurer building third-party scale, though operating from Bermuda rather than Europe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ageas-re

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ageas Re