Fortis becomes ‘ageas’, to signify shift from banking, but was it worth it?

Corporate rebrandings are almost always pointless, pompous or both. So it’s a relief that bailed-out Benelux insurer Fortis has provided a crib-sheet to explain why as of April, it will be called “ageas” .

Apparently, the a and g at the beginning “celebrate our roots” – the firm began as AG Leven; the e and a in the middle refer to its two key markets, Europe and Asia; and the “as” at the end stands for “assurance”. The absence of capital letters “heightens the sense of unity within our group” and shows that “we don’t want to force our opinions on anyone”. How very modest. To give Fortis its due, the pared-down, pure insurance firm that emerged from the £10bn cross-border taxpayer carve-up is a very different business from the banking conglomerate it had become. BNP Paribas got the group’s Belgian banking interests, while a chunk of the ill-fated ABN Amro that Fred Goodwin didn’t get his hands on was taken over by the Dutch state. What’s left looks more like a boring old insurer, give or take some toxic legacy assets from the credit crunch era, which its boss Bart De Smet has been able to return to profit. But wouldn’t it have been refreshing if he’d applied the same back-to-basics approach to Fortis’s name, instead of succumbing to the brand consultants? It could have been Fortis’s most sensible decision in ageas.


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Fortis becomes ‘ageas’, to signify shift from banking, but was it worth it?

Corporate rebrandings are almost always pointless, pompous or both. So it’s a relief that bailed-out Benelux insurer Fortis has provided a crib-sheet to explain why as of April, it will be called “ageas” .

Apparently, the a and g at the beginning “celebrate our roots” – the firm began as AG Leven; the e and a in the middle refer to its two key markets, Europe and Asia; and the “as” at the end stands for “assurance”. The absence of capital letters “heightens the sense of unity within our group” and shows that “we don’t want to force our opinions on anyone”. How very modest. To give Fortis its due, the pared-down, pure insurance firm that emerged from the £10bn cross-border taxpayer carve-up is a very different business from the banking conglomerate it had become. BNP Paribas got the group’s Belgian banking interests, while a chunk of the ill-fated ABN Amro that Fred Goodwin didn’t get his hands on was taken over by the Dutch state. What’s left looks more like a boring old insurer, give or take some toxic legacy assets from the credit crunch era, which its boss Bart De Smet has been able to return to profit. But wouldn’t it have been refreshing if he’d applied the same back-to-basics approach to Fortis’s name, instead of succumbing to the brand consultants? It could have been Fortis’s most sensible decision in ageas.


guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds

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  • Fortis becomes ‘ageas’, to signify shift from banking, but was it worth it?
    Corporate rebrandings are almost always pointless, pompous or both. So it's a relief that bailed-out Benelux insurer Fortis has provided a crib-sheet to explain why as of April, it will be called "ageas" .Apparently, the a and g at the beginning "celebrate our roots" – the firm began as AG Leven; the e and a in the middle refer to its two key markets, Europe and Asia; and the "as" at the end stand...
  • Auditors face inquiry call after Lehman revelations
    MPs and financial experts demand regulators reform industry in effort to eliminate risky practices, writes Phillip InmanPressure was mounting this weekend for a root-and-branch review of the role played by auditors in the credit crunch, following the revelation that Lehman Brothers was able to hide $50bn (£32bn) of debts from regulators despite checks by accountancy firm Ernst & Young.MPs and ...
  • The bankers’ moral hazard | Paul Myners
    Our goal is to restore discipline, and make sure financial markets punish as easily as they rewardIn August 2007 a shock to global credit markets sparked the most severe financial crisis in a century. A crisis that saw world trade contract for the first time since the second world war and 200 million people around the world lose their jobs. The response from governments meant many millions of jobs...
  • Overvalued exchange rate is a symbol of Britain’s economic malaise
    Weaker sterling may mean dearer imports but it will help rebalance the economySterling fell on the foreign exchanges last week. That's good news. Halifax reported that house prices were down 1.5% in February. That too is good news.This may seem strange, given that the pound is a totem of national economic virility, while we all know how deeply attached the Brits are to property inflation. Minister...
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