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Belvius unexpectedly replaces the Supreme Man's insurance

Belvius unexpectedly replaces the Supreme Man’s insurance

The Belvius Bancassurance Company did not renew Dirk Vanderschreck’s mandate as CEO of the insurance division. This is a surprise because the results are good.

Vandershreck’s four-year term as CEO of Belfius Insurance expired Thursday without renewal. Belvius decided to appoint the financial director of the insurance branch, Friedrich van der Schuern, as CEO.

According to the newspaper the time Political motives played a role in the appointment of the MR-branded Van der Schueren. However, the privilege to make the decision to become the CEO of an insurance company rests with Belvius Bank. In the short term will be the second change in Belvius Earlier, Geert van Mol, who was the chief digital officer (CDO), decided to leave Belvius. Vanderschrick, who had worked at Belfius for 34 years, started at Bacob at that time and came from Arco’s stable.

It is unclear whether politics played a role in Vandershreck’s departure. Some say yes, others say no. In any case, there are indications that at least other elements were also at play and should be sought in the complex governance structure of Belvius. A complex structure overseen by Group CEO Marc Rezier.

Error in judgment?

When Belvius said out loud in 2017 that he would copy KBC Group’s bank insurance model, it was inconsistent in this exercise. Belvius maintained a separate executive committee and separate board of directors for both the bank and the insurance company. This is not the case for KBC, which chose a single board of directors and a joint executive committee. In Belvius, this complex structure sometimes causes internal discussions about how close or far banking activities are to the insurance company and vice versa.

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Dirk Vanderschrich as CEO of Belfius Insurance implemented the governance. This inevitably hasn’t always been equally welcomed by Marc Rezier, CEO of the entire group, and certainly number one at Belvius. On the other hand, it was also internally clear that Van der Schueren, like Raisière, had the MR mark, had an ambition to grow.

Van der Schweren is a veteran of Belvius. He has the MR label, which has led some to suggest that his appointment would have a political aspect. Something that Belvius strongly denies. Vander Schueren, who until last year was the head of the National Lottery.

With Vandershreck’s departure, a second manager at Belvius will disappear for the short term. Former director Gert van Mol decided to leave Belvius. East Fleming has become the co-CEO of the West Flemish Steenoven project developer.

Belfius is a bank that has overcome a deep crisis and gained a place among the leading financial institutions. The question for Belvius is what comes after the years of reconstruction, now that the bank’s treasurer is satisfied with the path he has taken.