Ageas: turns page on the Fortis case
(CercleFinance.com) - Ageas said on Friday that it will not use its termination right in the Fortis settlement, meaning that the agreement is now final.
Under the settlement deal, which was sealed in July 2018, the Belgian insurer had the option to terminate the settlement if the compensation amount represented by opt-out notices exceeded a certain amount.
Given the very limited number of opt-out notices received to date, Ageas has decided to waive its termination right, the group said.
So far, approximately 200,000 claims have been received, of which over 60,000 have been already approved for early payment of 70% of the compensation, Ageas said.
This represents an aggregate amount of approximately 400 million euros.
In a statement, the company describes "a long process" and calls for "patience and understanding" from claimants.
As a reminder, Ageas - the group that arose from the ashes of Fortis after the collapse of the Belgian financial giant - has found an agreement with shareholders to settle the Fortis case for a total of 1.3 billion euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Under the settlement deal, which was sealed in July 2018, the Belgian insurer had the option to terminate the settlement if the compensation amount represented by opt-out notices exceeded a certain amount.
Given the very limited number of opt-out notices received to date, Ageas has decided to waive its termination right, the group said.
So far, approximately 200,000 claims have been received, of which over 60,000 have been already approved for early payment of 70% of the compensation, Ageas said.
This represents an aggregate amount of approximately 400 million euros.
In a statement, the company describes "a long process" and calls for "patience and understanding" from claimants.
As a reminder, Ageas - the group that arose from the ashes of Fortis after the collapse of the Belgian financial giant - has found an agreement with shareholders to settle the Fortis case for a total of 1.3 billion euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.