Belgian regulator publishes SHB and Signal Iduna merger and portfolio transfer

The National Bank of Belgium has published, in the Moniteur Belge of 21 August 2026, the merger of the German insurer SHB Allgemeine Versicherung VVaG into Signal Iduna Unfallversicherung a.G., together with the transfer of the non-life portfolio to Signal Iduna Allgemeine Versicherung AG. The operation takes effect retroactively from 1 January 2026 and is published under official reference C-2026/006274.

The notice, signed in Brussels on 18 August 2026 by the Governor of the National Bank, is issued under article 17 of the Belgian law of 4 April 2014 on insurance. It makes the transfer opposable to policyholders, insured persons, beneficiaries and any third party with an interest in the performance of the insurance contract, in respect of risks or commitments located in Belgium.

The merger and the portfolio transfer

The German prudential supervisor BaFin authorised on 17 July 2026 two operations concerning the Signal Iduna group:

• the merger of SHB Allgemeine Versicherung VVaG (the absorbed company) into Signal Iduna Unfallversicherung a.G. (the absorbing company);
• the transfer by Signal Iduna Unfallversicherung a.G. of the rights and obligations arising from non-life insurance contracts relating to the SHB Allgemeine Versicherung VVaG portfolio, in branches 8, 9, 13 and 16, to Signal Iduna Allgemeine Versicherung AG.

Both operations concern German-law insurance undertakings and were approved by the competent German authority before being brought to the attention of the Belgian market.

Retroactive effect and legal basis

Both the merger and the portfolio transfer take effect retroactively on 1 January 2026. The publication in the Moniteur Belge is made pursuant to article 17 of the law of 4 April 2014 on insurance, which governs the opposability of portfolio transfers to third parties in Belgium.

The notice appears in the section of the gazette reserved for announcements of the National Bank of Belgium, in the 196th year of the Belgisch Staatsblad, issue No. 187 of Friday 21 August 2026.

What it means for policyholders in Belgium

For policyholders, insured persons and beneficiaries whose risks or commitments are located in Belgium, the publication makes the transfer of the SHB portfolio to Signal Iduna Allgemeine Versicherung AG enforceable against them. The notice confirms that the operation has been authorised by the competent German authority and that the contracts continue under the new insurer.

The publication in the official gazette is the step that gives legal effect to the transfer in Belgium, ensuring continuity of coverage for the affected policyholders while the two German companies complete their integration within the Signal Iduna group.

Source: Moniteur Belge (Belgisch Staatsblad), No. 187, 21 August 2026, notices, p. 45979 (official reference: C-2026/006274).