Private Insurer

What Private Insurer does

Private Insurer NV/SA is a Belgian insurance company headquartered in Brussels (Koningsstraat 153) that was founded in 2006 and became part of the P&V Group. The firm historically issued Branch 23 investment-linked insurance contracts to Belgian individual and corporate policyholders, offering two distinct management formulas — PFS and PDF — under which policyholders' premiums were allocated to underlying investment vehicles. Policy administration was supported by the Opossum and SFO platforms.

The company's economic activity is now defined by a runoff-only posture. Effective September 30, 2021, Private Insurer entered liquidation; it no longer accepts new contracts and restricts activity to the management of the existing portfolio. Operating hours have been reduced to 09:00–12:00, consistent with a servicing-and-wind-down footprint rather than a revenue-generating distribution model. Headcount of 11–50 staff reflects the residual servicing capability needed to administer legacy contracts through to maturity, transfer, or settlement.

From a business-model standpoint, there is no forward go-to-market motion to analyze. The unit economics of the prior Branch 23 product — management fees on unit-linked assets, premium-based commissions, and surrender-charge structures — are mechanically shrinking as the underlying book runs off. The relevant investment lens for any acquirer, policyholder, or creditor is therefore the orderly administration of legacy liabilities, the cost base of the residual team, and the pace of the runoff rather than growth, market-share capture, or product innovation.

Name

Private Insurer

Legal name

Private Insurer NV

Website

https://privateinsurer.com

Company type

Private

Founded year

2006

Operating status

Closed

Headcount range

11–50 employees

Short description

Private Insurer NV/SA is a Belgian insurance firm in liquidation that historically issued Branch 23 investment-linked contracts to individual and corporate policyholders. It now operates in runoff mode, managing only its existing portfolio and accepting no new business.

Ownership category

akta.pro rank

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Distribution channels1 record

Core offering

Private Insurer issued Branch 23 (branche 23) investment insurance contracts whose value depends on the performance of underlying funds, without a capital guarantee. Policyholders chose between two discretionary management formulas: PFS, where Private Insurer directly manages the dedicated insurance funds, and PDF, where an independent asset manager handles the portfolio. Contracts include flexibility to modify beneficiaries, transfer insured parties, and adjust structure (including redemption), and remain administrable during the company's liquidation.

Product overview

Private Insurer was a Belgian insurance company offering Branch 23 (branche 23) investment insurance contracts. The company operated in liquidation mode following its withdrawal of license from the National Bank of Belgium (BNB) on September 30, 2021. Policyholders could choose between a PFS formula (managed by Private Insurer) or a PDF formula (managed by an independent asset manager). The company was acquired by P&V Group, which supports the continuity of activities until the end of the liquidation process. Clients can still manage, modify, surrender, or transfer their existing policies via platforms like Opossum or SFO.

Differentiator

Problem solved

Functional benefit

Products and services

• Branch 23 Insurance Contract (Investment-linked insurance product) Branch 23 (branche 23) investment insurance contracts for Belgian individual and corporate policyholders, where the value depends on the performance of underlying dedicated insurance funds with no guarantee of capital recovery. Policyholders select between the PFS formula (assets managed by Private Insurer) and the PDF formula (assets managed by an independent asset manager), and can modify beneficiaries, adjust insured parties, redeem, or restructure the contract, including during the ongoing liquidation period.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves5 records

Broad incumbents

• Belfius Insurance: Belgian bancassurer offering life insurance products including investment-linked contracts. Comparable as a broad incumbent operating in the same Belgian market with overlapping Branch 23-equivalent products and a similar direct-to-customer service model.
• Baloise Belgium: Belgian operations of Swiss insurer Baloise, offering life insurance and investment-linked products. Comparable as a foreign-owned broad incumbent serving the same Belgian market with similar regulatory and tax-driven product positioning.
• AXA Belgium: Major Belgian life and non-life insurer offering investment-linked insurance products (Branche 23 / Branche 21) within a broad portfolio. Comparable as a large incumbent operating under the same Belgian regulatory framework with significant branch 23 market share.
• KBC Insurance: Belgian bancassurance arm of KBC Group offering life and investment-linked insurance products distributed through the KBC bank network. Comparable as a broad incumbent with a bancassurance distribution model that mirrors Private Insurer's direct distribution ambition at much larger scale.
• AG Insurance: One of Belgium's largest insurers offering a broad portfolio including Branch 23 investment-linked life insurance. Comparable as a major Belgian incumbent with overlapping product offerings, similar regulatory exposure under the National Bank of Belgium, and established bancassurance distribution through BNP Paribas Fortis.
• Allianz Belgium: Belgian operations of global insurer Allianz, offering life insurance with investment-linked components. Comparable as a broad incumbent with overlapping Branch 23-equivalent product offerings and a similar reliance on EU and Belgian regulatory frameworks.
• Vivium: Belgian cooperative insurer (linked to Crelan bank) offering life and non-life products including investment-linked insurance. Comparable as a Belgian market participant with similar product focus and regulatory exposure under the National Bank of Belgium.

Direct peers

• Athora Belgium: European insurance group with Belgian operations (formerly Vivat) that specializes in acquiring and managing closed life insurance books across Europe. Highly comparable to Private Insurer given its own wind-down status following license withdrawal and liquidation, representing the most direct analog for the post-acquisition state of the in-force portfolio.
• NN Insurance Belgium: Belgian arm of NN Group offering Tak 23 life insurance products that are functionally analogous to Belgian Branch 23 contracts. Directly competes in the investment-linked life insurance segment with similar tax-advantaged structures, discretionary fund management options, and dedicated fund offerings.
• P&V Group: Belgian mutual insurer and Private Insurer's parent company following the 2021 acquisition. P&V Group offers Branch 23 investment-linked life insurance products in Belgium and explicitly acquired Private Insurer to strengthen this product line, making it the most direct comparable both as competitor and acquirer.

Market position

Strengths2 records

Weaknesses3 records

Competitive moat3 records

Key risks4 records

Key highlights4 records

Customer concentration

• LinkedInlinkedin.com/company/private-insurer

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 Private Insurer