Octium takes over Credit Suisse Life & Pensions
Luxembourg insurance company Octium is taking over Liechtenstein-based Credit Suisse Life & Pensions AG, the company said on Wednesday.
The acquired "presence in Liechtenstein in particular guarantees access to further markets and the development of new products and solutions", the company said in a press release. The company's offices in Italy were also taken over.
The acquisition comes five years after the company took over another Swiss bank's insurance business, UBS International Life.
Octium Group has over €10 billion in life insurance assets and employs around 75 people in subsidiary companies in Ireland, Italy, Liechtenstein and Switzerland.
Luxembourg's insurance sector employs around 4,500 people and is enjoying steady growth, Luxembourg's newly departed Finance Minister Pierre Gramegna said earlier this month.
The industry has grown steadily from 4,017 employees in 2017 and enjoyed a 5% jump in positions in 2019, when the UK approached and then delayed its exit from the EU, the Grand Duchy's insurance regulator said in September last year.
Most of the Brexit-related relocations occurred during that time, Luxembourg's Commissariat aux Assurances said in 2020.