Belfius Group Enters French Market with Strategic Acquisition of Insurtech Leader Leocare

Quick Summary

Belfius Group has acquired 100% of Insurlytech, the parent company of French insurtech Leocare, to accelerate its European digital insurance expansion. This strategic move provides Belfius immediate access to the French market, leveraging Leocare’s 1.3 million users and proprietary technology to scale digital-first insurance solutions across borders.

How does Belfius Group expand its European digital insurance footprint?

Belfius Group is executing a cross-border growth strategy by acquiring established, high-performing digital players in key markets. By purchasing Leocare SAS, Belfius Insurance gains an immediate foothold in France, the second-largest insurance market in Europe. This move allows Belfius to export its award-winning digital expertise beyond Belgium, addressing a structural gap in French digital distribution.

• 100% share acquisition of Insurlytech (Leocare).
• Access to a proven B2C model and 750+ broker partners.
• Scalable infrastructure for European digital insurance rollouts.

What results has Leocare delivered in the French market?

Leocare has demonstrated significant traction since its 2017 launch, becoming a benchmark for mobile-first insurance services. The company boasts a 4.8 Trustpilot rating and serves over 1.3 million users through its highly-rated app. The acquisition ensures that Leocare’s passionate local team remains in place to maintain operational continuity while integrating Belfius’s robust risk management and data capabilities.

• 1.3 million active users on the digital platform.
• Network of 750+ insurance brokers and B2B2C partners.
• Top-tier market rating of 4.8 on Trustpilot.

How will the partnership drive future product innovation?

The alliance focuses on synergistic technological development, combining Belfius’s institutional strength with Leocare’s agile insurtech mindset. The two entities will collaborate on advanced risk pricing and data valorisation to create flexible contracts for home, auto, and pet insurance. This integration aims to deliver smarter insurance solutions that align with modern, evolving consumer lifestyles across Europe.

"Everything we have built in Belgium with Belfius Insurance – our technology, our data and pricing capabilities, as well as our digital approach – can be deployed on a larger scale. With Leocare, we are taking a first step: deliberate, targeted, and driven by the ambition to pursue our development, supported by the commitment and expertise of our talents." said Frédéric Van der Schueren, CEO Belfius Insurance.

FF NEWS TAKE:

This acquisition is a definitive power move that signals the end of the "local champion" era for digital insurance. By absorbing Leocare, Belfius isn't just buying customers; they are acquiring a European digital insurance blueprint that can be replicated across the continent. France’s underserved digital market is the perfect testing ground for this combined entity to challenge traditional incumbents and move the needle on cross-border fintech integration.