Monument Assurance Belgium (MAB) has agreed to acquire the entire portfolio of local peer Intégrale.

The move follows a firm offer from MAB.

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A Belgian life assurance company, Intégrale offers group and personal supplementary pension plans as well as pension savings plans to individuals.

As agreed, all Intégrale staff will also migrate to MAB.

The acquirer will also offer an 18-month employment guarantee to all workers along with a three-month retention bonus.

The completion of the acquisition is subject to National Bank of Belgium approval.

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MAB CEO Koen Depaemelaere said: “We are delighted to have reached this agreement with Intégrale. Acquiring the portfolio of Intégrale allows us to secure policyholders’ benefits and the continuity of employment of the staff of Intégrale.

“It fits perfectly with our strategy of growth and consolidation in Belgium and strengthens our position as the leading life insurance consolidator.”

Both the companies also agreed to take necessary steps to ensure seamless transfer of policyholders, brokers and staff during the transition.

Monument Re Group CEO Manfred Maske said: “In keeping with the wider consolidation strategy of the Monument Re Group, we are very pleased to support MAB in providing this solution to Integrale.

“As a part of the completion process, we will make a substantial capital addition to the existing capital of MAB to further increase security to policyholders and staff. We look forward to welcoming the staff of Integrale to the wider Monument group.”

MAB is a member of the Monument Re Group.

In February, Monument Re completed the acquisition of Charles Taylor Group’s Isle of Man operations.