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 specialised 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 specialised 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.”