Nicolas Limbourg
President
« Our ambition: a new right for everyone, ensuring that every employee deserves access to a supplementary pension scheme, tailored to their means, so they can secure a peaceful future.»
Nicolas Limbourg, President of ACA
At its General Assembly, ACA presented the results for the 2025 financial year, now available in its annual report, along with the sector’s strategic priorities in an environment marked by persistent macroeconomic uncertainty, increased regulatory pressure and accelerating transformation of business models.
At this 70th General Assembly, two directors were elected to the Board of directors: Pascal Herrmann, General Manager de The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) et Ludovic Dulauroy, Directeur Général d’AFI.ESCA Luxembourg. ACA extends its congratulations to them and looks forward to their commitment to the sector.
The Board of directors remains chaired by Nicolas Limbourg and comprises 18 directors, reflecting the diversity and representativeness of the Luxembourg insurance and reinsurance market. It is composed as follows:
Nicolas Limbourg
President
Christian Strasser
Vice-President
Marc Lauer
Vice-President
Octavie Dexant
Vice-Présidente
Marc Hengen
Managing Director
Arnaud de Dumast
Administrateur
Julie Dubuisson
Administratrice
Jean Elia
Administrateur
Annick Felten
Administratrice
Vanesa Herrero
Administratrice
Pascal Herrmann
Administrateur
Loïc Le Foll
Administrateur
Diego Manzetti
Administrateur
Amandine Motte
Administratrice
Christian Rola
Administrateur
Christine Theodorovics
Administratrice
Jurgen Vanhoenacker
Administrateur
Karine Verbruggen
Administratrice
VITIS LIFE S.A. – Chief Executive Officer (CEO)
Approved by the Commissariat aux Assurances (CAA), Nicolas Limbourg has been the Chief Executive Officer of Vitis Life since 2014, after joining the company in 2000. His career has been enriched by strategic responsibilities within the Monceau Assurances Group, both in France and internationally.
A trained legal expert, he began his career as a notary candidate before turning to the insurance sector. Throughout his career, he has been actively involved in the projects and initiatives of the Association of Insurance and Reinsurance Companies (ACA), becoming its President in March 2025, after previously serving as Chairman of the International Life Committee. Committed to the sector’s development, he also serves on several committees of the CAA.
Groupe LALUX – Chief Executive Officer (CEO)
Christian Strasser, CEO of Lalux, holds a Master’s degree in Economics, and started his professional career at BIL in 1994. He has worked in various departments of the bank including Financial Markets, Branch Network, Human Resources, Private Banking and Personal Banking. He joined BIL’s Management Committee in 2010 and in 2012 took over responsibility for the Branch Network, Direct Banking and Marketing. He joined the insurance company Lalux in July 2015 as a member of the Management Board. In January 2016, he was appointed Managing Director of Lalux Assurances and Lalux Assurances-Vie and took over the Chairmanship of the Boards of DKV Luxembourg and Lalux Re.
Groupe Foyer – Chairman of the Board of Directors – Foyer S.A.
Born in 1965 and a Luxembourg national, Marc Lauer holds a degree in actuarial sciences and a degree in economics from the Université libre de Bruxelles. He began his career at the Commissariat aux Assurances in 1989, becoming a member of its management committee in 1995.
In 2004, he joined the Foyer Group as Chief Operating Officer, before becoming its CEO from 2014 to 2025. He has been a board member of Foyer S.A. since 2013 and has served as chairman of its board of directors since the general meeting of 15 April 2025.
Marc Lauer is also chairman of the board of directors of Foyer Global Health S.A. and a board member of WEALINS S.A. and CapitalatWork Foyer Group S.A.
Actively involved in numerous professional bodies, he chairs the Institut National pour le Développement durable et la Responsabilité sociale des entreprises (INDR) and the Fédération des professionnels du secteur financier au Luxembourg (PROFIL). He is vice-chairman of the board of directors of the Association of Insurance and Reinsurance Companies of Luxembourg (ACA) and of the Luxembourg Chamber of Commerce. He also sits on the boards of the Commissariat aux Assurances (CAA), the Luxembourg Stock Exchange, Luxembourg for Finance, and the Association des Banques et Banquiers, Luxembourg (ABBL). Finally, he is a founding member of the Luxembourg Association of Actuaries (ILAC) and of Hëllef um Terrain (HUT).
AXA Luxembourg & AXA Wealth Europe – Chief Executive Officer (CEO)
Born in 1984 and of French nationality, Octavie Dexant is a graduate of Sciences-po Paris, Franco-German course. She started her career in insurance as an auditor at PWC for 3 years before joining the Strategy Department of the AXA Group in 2010. In 2014, she became Head of Strategy and then Secretary General of AXA’s global entity dedicated to loan insurance. In 2017, she joined the Commercial Department of AXA Partners, and in 2018, she won ING’s tender for a global digital partnership, and became Deputy CEO of this virtual JV. In 2022, she was appointed CEO of the AXA entities in Luxembourg, and became Vice President of ACA in June 2022.
Octavie Dexant is also a member of the Board of Directors of the Luxembourg Road Safety Association and of the Victor Hugo Association.
E-mail: aca@aca.lu
Phone : +352 44 21 44 1
Marc HENGEN has been Managing Director of ACA since 2013. A trained lawyer and insurance professional, Marc joined ACA’s Management Committee in 2010 after 18 years of experience with Luxembourg insurance companies. Marc is also a member of the Haut Comité de la place financière, a member of the Executive Committee of the UEL (Union des Entreprises Luxembourgeoises), and a member of the Management Committee and Treasurer of Insurance Europe. Since 4 May 2022, Marc has also taken on the role of Secretary General of the Bureau Luxembourgeois and of the “Fonds De Garantie Automobile (FGA)”.
Cardif Lux Vie – Chief Executive Officer (CEO)
A graduate of EDHEC, Arnaud de Dumast began his career in 1994 as a fund manager at HR Gestion, before joining Neuflize OBC in 1998. He held a succession of senior positions in diversified management, marketing and financial management. In 2006, he joined the executive committee of Neuflize OBC bank, and expanded his remit in 2010 by becoming a member of the ABN Amro global investment committee, while serving as head of asset management and member of the management board of Neuflize OBC Investissements. In 2015, he was appointed chief executive officer of Neuflize Vie, a life insurance company acquired by BNP Paribas Cardif in 2024. Arnaud de Dumast was appointed CEO of Cardif Lux Vie in April 2026.
Taking up his role as CEO of Cardif Lux Vie, Arnaud de Dumast brings his expertise and knowledge of the life insurance and private banking sectors to the company. He will drive the development of the business in Luxembourg and in the countries where Cardif Lux Vie operates across Europe (France, Italy, Belgium, Spain, Portugal) and outside the European Economic Area.
Convex Europe – Dirigeant Agréé and General Manager
Julie Dubuisson is the Dirigeant Agréé and General Manager of Convex Europe and serves on its board of directors.
Before joining Convex in 2021 to launch the European entity based out of Luxembourg, Julie has spent 18 years working in corporate and specialty Re/insurance including senior roles at Axa Corporate Solutions, AXA Africa Specialty Risks (Lloyd’s Syndicate 6130), Marsh and Swiss Re in North America, Europe, and Africa.
Julie earned a Master of Science in Insurance from Ecole Nationale d’Assurances (Paris) and a Master of Science in Finance from Fordham University – Gabelli School of Business (New York City). She is a dual citizen of Luxembourg and France.
SOGELIFE – Chief Executive Officer (CEO)
Jean Elia has more than 25 years of experience in Insurance, out of which 15 as CEO of leading life insurance companies. He started his career with a UK insurer, before joining Société Générale Assurances in their subsidiary in Lebanon. He was appointed CEO of their subsidiary in Egypt in 2006 and in Morocco in 2009. In 2013 Jean became CEO of SOGELIFE, a leading life insurance company in Luxembourg providing wealth planning solutions across Europe.
Jean Elia has a Doctorate in Business Administration from Business Science Institute and Université Jean Moulin (Lyon III). His thesis “Leadership of Digital Transformation” is a useful guide for leaders in the financial sector to conduct Digital Transformation. He also holds an International MBA from Paris Dauphine University and has advised several insurance companies in the MENA region.
Swiss Re Europe – General Manager
Annick Felten is a senior executive with leadership experience in the insurance and reinsurance sector. Her career spans key roles on both the regulatory side and within the industry.
Annick Felten began her career at the Luxembourg insurance regulator, the Commissariat aux Assurances (CAA), where she developed in-depth expertise in the life, non-life, and reinsurance sectors. In 2005, she joined the CAA Executive Committee and led the Non-life Insurance and Reinsurance Supervision Department. Annick represented Luxembourg at the European Council, the Commission and at EIOPA, contributing to key European Directives and regulatory developments.
In 2020, Annick moved to the industry as Group Chief Risk Officer at FOYER.
Since April 2024, she has served as General Manager of Swiss Re International SE and Swiss Re Europe S.A., SWISS RE’s European insurance and reinsurance carriers headquartered in Luxembourg.
Annick chairs the ACA Reinsurance Commission.
Annick Felten holds a Maîtrise in Economics from Université Nancy 2 and studied Actuarial Sciences at Université Libre de Bruxelles.
Tokio Marine Europe – Chief Executive Officer (CEO)
The Shipowners´ Mutual Protection and Indemnity Association (Luxembourg) – General Manager
(The Shipowners´ Mutual Protection and Indemnity Association (Luxembourg))
Pascal Herrmann is the General Manager for The Shipowners’ Mutual Protection & Indemnity Association (Luxembourg) since 2009 as well as being the “Dirigeant Agréé” for Spandilux S.A. the Luxembourg group reinsurance captive. He is a Non-Executive Director of the Shipowners’ Protection (Hellas) since 2019 and an alternate Director for Hydra (Bermuda). He has more than 20 years’ experience in the international insurance and reinsurance sector.
Previously, he worked as an external auditor, and then as an internal auditor for a Luxembourg insurer.
He is a Non-Executive Director of ACA (Association des Compagnies d’Assurances) since 2018 (alternate Director from 2014 to 2018) and served as chairman of the non-life insurance committee from 2018 to 2020.
He is a Non-Executive Director of AGERE (Association des Gestionnaires de Réassurances) since July 2011.
He is an ILA certified director since 2016.
He graduated in finance from the Business School of Strasbourg University (IECS/EM Strasbourg). He also spent a year at Stirling University in Scotland. He speaks fluent French and English.
La Mondiale Europartner – Directeur Général
Loïc Le Foll is CEO of La Mondiale Europartner since October 2018. As an actuary, he holds a Master of Business Administration (MBA) from the London Business School. He has spent his entire career within the insurance sector, with more than the half in Luxembourg where he has made an active contribution to developing wealth insurance.
With a strong background, he successively held the positions of Director of Wealth Products and Solutions at Lombard International Assurance and Deputy Managing Director of Swiss Life Luxembourg before joining La Mondiale Europartner.
Since the 1st of December 2022, Loïc Le Foll has joined the Executive Committee of AG2R LA MONDIALE in charge of the whole Wealth Insurance activity, which includes the two entities La Mondiale Partenaire and La Mondiale Europartner.
AIG Europe – Head of Legal, EMEA
Diego Manzetti est Dirigéant Agrèe d’AIG Europe et Head of Legal EMEA.
Avant de rejoindre AIG en 2011, Diego a travaillé comme avocat au sein du cabinet international Norton Rose Fulbright.
Diego est titulaire d’une licence en droit de l’Université de Rome 2, d’un Master in Laws (LL.M.) de l’Université de San Diego et d’un MBA de la Luxembourg School of Business.
Il est président de la Section luxembourgeois de l’AIDA (Association internationale du droit des Assurances).
Barents Reinsurance S.A – Chief Executive Officer (CEO)
Liberty Mutual Insurance Europe – CFO and Executive Member of the Board
Christian is the General Manager and Executive Member of the Board of Directors of Liberty Mutual Group’s commercial and specialty insurance risk carrier – Liberty Mutual Insurance Europe SE and its coverholders, Liberty Specialty Markets Sarl. Since joining Liberty in 2020, Christian has held the position of Chief Financial Officer and Executive Member of the Board, prior to his appointment as General Manager.
He brings with him over 20 years’ experience in the insurance industry including CFO position at another global insurance/reinsurance entity in Luxembourg. He is a qualified accountant and started his professional career in the audit and consulting industry, with the big 4 in the Philippines, New York, USA and in Luxembourg.
Originally form the Philippines, he has lived in Luxembourg for over 18 years and is an avid triathlete.
Baloise – Chief Executive Officer (CEO)
At the head of Baloise in Luxembourg since June 2023, Christine Theodorovics has over 25 years of experience in financial services. Since 2000, she first worked at Credit Suisse, then for the SwissLife Group between 2004 and 2010, where she held various roles across different markets in Asia, the Middle East, and Europe. Christine Theodorovics then continued her career at Zurich Insurance Group from 2011 to 2019, where she held several positions, including Member of the Board of Directors of Zurich Germany and Executive Committee member in Austria, Switzerland, and Germany.
From 2019 to 2022, she was responsible for steering distribution strategy as a member of the European Executive Committee and Chief Strategy Officer of the AXA Group, and served on the board of directors in five countries.
An independent, non-executive member of two boards of directors, Christine Theodorovics holds a Master of Business Administration from the University of Vienna (Austria), a Master of Arts in European Economic Studies from the College of Europe in Bruges (Belgium), a postgraduate diploma in Banking from the Swiss Finance Institute, and the INSEAD Certificate for Independent Directors. She also holds a Doctorate in Business Administration from the University of Gloucestershire (United Kingdom).
Utmost Luxembourg S.A. – Chief Executive Officer (CEO)
Swiss Life (Luxembourg) – Chief Executive Officer (CEO)
Graduating as a Business Engineer in 1994, Karine Verbruggen began her career at Accenture in Belgium. In 1998, she joined Quintet Bank in Luxembourg before transitioning to a career in the local and international medical sector as a Chief Financial Officer. In 2007, IKEA’s family holding company offered her the opportunity to leverage her experience in international projects and implement a network of change professionals in Europe and Asia. She was later recruited by Swiss Life in 2016, where she assumed increasing responsibilities from Business Engineering to Employee Benefits Operations. Following Swiss Life’s acquisition of the elipsLife group in 2021, she was appointed Chief Transformation Officer, overseeing the integration of both organizations before becoming CEO Luxembourg – Employee Benefits in October 2023.
Alternate directors are (in alphabetical order):
Vincent ARNAL
Rejean BESNER
Pascal BUGHIN
Catherine CERNESSON
Olivier DELLEVAUX
David DESTAPPES
Ludovic DULAUROY
Henri HOSTERT
Marie-Hélène MASSARD
Xaviez NEVEZ
Shane O’DEA
Aurélie ROQUE
William ROSE
Richard SUTTON
In his address, Nicolas Limbourg, President of ACA, outlined the sector’s vision around three major priorities:
The results confirm the momentum of the Luxembourg insurance sector:
The sector is largely driven by international activities:
Domestic activities with clients in Luxembourg represent:
These figures confirm Luxembourg’s position as a leading European hub for cross-border insurance, particularly in life insurance.
2025 confirmed the sector’s resilience, adaptability and capacity for innovation, having maintained its growth despite an uncertain international context and significant regulatory developments.
Download the press release 
On this occasion, ACA publishes its Annual report 2025.
At the heart of ACA is an engaged community in which every member actively contributes to the development and resilience of the insurance and reinsurance sector in Luxembourg. In 2025, in a profoundly changing environment shaped by geopolitical uncertainty, accelerating digital transformation and regulatory developments, this spirit of collaboration and collective mobilisation was, once again, the driving force behind our actions.
This ambition translated into numerous concrete achievements in service of our sector’s development. The Annual report 2025 is a testament to this shared commitment. It looks back on the year’s highlights, sheds light on key figures and outlines future perspectives. More than a simple review, it illustrates the strength of our community’s collective work, which contributes every day to strengthening and raising the profile of our sector.
16 minutes
Digital, Events, Tax & regulatory
1 minute
Events
2 minutes
Events
