2RS SA, a Luxembourg-based insurance and reinsurance captive administration company,has announced the signing of an agreement for the purchase of the Luxembourg client portfolio of insurance and reinsurance captives from SOGECORE SA and SOGECORE France SARL. SOGECORE, a subsidiary of the Burrus Group, has also made a commitment to invest the full amount of this transaction in 2RS capital, in order to become a 10% shareholder.
As a result, the new entity becomes the captive management leader in Continental Europe,providing companies with solutions for the financing and management of risks likely to affect their assets.
With this operation, 2RS also becomes the first and only independent captive manager present in France with a differentiating and customized service offering, designed particularly for French companies.
“The SOGECORE teams are delighted to join the SIACI SAINT HONORE Group through its subsidiary 2RS. We will be able to combine our strengths to offer ever more innovative solutions in this specialist market”, explained Christian Burrus.
“SOGECORE's expertise and know-how will strengthen the insurance and reinsurance captive business within our subsidiary. 2RS, with its unique business model, becomes the only alternative to the British and American captive managers operating in Europe. This partnership with an entity of the Burrus Group is the result of full cooperation between our two groups and I am confident in our shared ability to create value for our shareholders and employees", said Pierre Donnersberg, Chairman of the SIACI SAINT HONORE Group.
SIACI SAINT HONORE
SIACI SAINT HONORE, a leading provider of consulting and brokerage services in property and personal insurance, designs and develops customized solutions for its large, mid-cap and SME corporate clients. The Group assists them over the entire value chain to manage their risks in Property and Casualty, Marine and Cargo, Employee Benefits and Consulting and International Mobility. The firm has more than 3,000 employees and insures 3 million individuals worldwide. In 2019 it reported turnover of €480.4 million.www.s2hgroup.com
Risk and Reinsurance Solutions
Risk and Reinsurance Solutions (2RS) is the Luxembourg-based subsidiary of SIACI SAINT HONORE, owned by SIACI SAINT HONORE and its management team. Founded in 2005 and led by Yannick ZIGMANN, 2RS has over the years developed high-level expertise in the management of insurance and reinsurance captives. 2RS’s services are geared towards the search for optimization solutions in the field of risk retention financing. Thanks to the experience and stability of its team, it now manages more than 50 captives on behalf of clients from a wide range of business sectors and is positioned as joint market leader in Luxembourg in this field. 2RS is present in Malta and Switzerland.
A family group where Christian Burrus has been managing the Finance and Insurance branch for 25 years. This branch has 1,500 employees across 5 European countries and consists of an insurance company (Afi Esca) and an insurance brokerage business. Through its organic growth and various acquisitions, the Burrus Group has become one of the leading,family-owned and independent brokerage firms, with strong regional roots. The business has 1,150 employees in France, Switzerland, Monaco and Luxembourg. In 2019, it reported turnover of €192 million. Christian Burrus's ambition is to build an independent European brokerage group with strong family and entrepreneurial values, within the framework of a medium to long-term development strategy.
Sogecore is an independent captive manager and has been a subsidiary of Christian Burrus's holding company since 2017. Based in Luxembourg like 2RS, it assists its clients in the analysis and management of their risks to build the solutions best suited to their needs. The company was createdin 1987 and currently manages more than 15 reinsurance and insurance captives.