Belfius enters France with Leocare acquisition

Belgium’s Belfius has agreed to acquire 100% of Insurlytech, the parent company of French insurtech Leocare , marking its first expansion outside Belgium.

The agreement was signed on June 12, with integration set to begin on July 1, subject to internal approvals. Once completed, Insurlytech and Leocare will become part of Belfius Insurance, while Leocare will continue operating under its existing brand and management team.

Founded in Rennes in 2017 by Christophe Dandois and Noureddine Bekrar, Leocare offers home, auto, motorcycle, bicycle, and pet insurance through a mobile app. The company says it has 1.3 million users and a 4.8-star Trustpilot rating. Beyond its direct-to-consumer business, Leocare works with more than 750 brokers and B2B2C partners.

As part of the transaction, the companies plan to collaborate on pricing, data, and risk management capabilities.

Belfius Insurance, which is owned by the Belgian federal government, is one of Belgium’s five largest insurers. The company described France—the second-largest insurance market in Europe—as a strategic growth opportunity and said the acquisition provides a foundation for building a “scalable European digital insurance model.”

Leocare cofounder Christophe Dandois will remain CEO of the company. Belfius Insurance is led by CEO Frédéric Van der Schueren.

“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.” – Frédéric Van der Schueren, CEO Belfius Insurance,