Ergo ceases its underwriting activities in Belgium and Luxembourg

After ING, P & V and Axa, the German insurer Ergo has announced its intention to terminate its activities in Belgium and Luxembourg. Low interest rates, strong competitive pressure and poor results have affected the insurer whose business depends mainly on life risks.

This withdrawal should be accompanied by the cut of about 200 jobs. The remaining 150 employees will temporarily manage the ongoing contracts until their expiry. The board of directors, the employees' representatives and the trade unions would be currently in talks to ensure that this process runs smoothly.

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