Private Credit Bets From Some Life Insurers Shock One CEO

After weathering the Covid pandemic and a surge in interest rates, Hans De Cuyper is faced with the global ramifications of the US-Iran war, which will test the expansion strategy of the chief executive officer of Ageas SA.

With a market capitalization of more than €14 billion ($16.4 billion), De Cuyper has been steering the Brussels-based insurer toward growth, buying out BNP Paribas SA’s stake in AG Insurance and acquiring British car insurer Esure. While the moves made Ageas the largest insurer in Belgium and no. 3 in the UK for personal policies, the approach gives it greater exposure to the low-margin UK car insurance market just as inflation drives up claims costs.