European Insurance group Ageas has entered into an agreement to transfer all of the run-off business of Intreinco N.V. (Intreinco), the former reinsurance captive of the Fortis Group, to Swiss Re.

In a statement the firm said: “This transaction is consistent with Ageas's commitment to extract maximum value for shareholders from legacy issues and to simplify its organisational structure. From Swiss Re's perspective, the transaction is aligned with the company's risk appetite and underscores its commitment to supporting clients with run-off solutions.”

Between 2000 and 2008, Intreinco has underwritten reinsurance liabilities of current and former Ageas insurance subsidiaries, including AG Insurance SA/NV, Ageas Insurance Ltd, Amlin Corporate Insurance N.V. and ASR Schadeverzekering N.V. Intreinco has not underwritten any new business since 2009.

The statement added the completion of the transaction remains subject to certain approvals and is expected before year end. Following completion, Ageas will no longer have reinsurance liabilities in its General Account.