Terms were not disclosed and the deal is subject to approval by the Commissariat aux Assurances, Luxembourg’s insurance commission.
The acquisition forms part of Foyer’s plans to expand its offerings to high net worth individuals in the European life insurance market.
It already has a subsidiary life company that targets a similar clientele, called Wealins, and the firm said the deal would “complement its existing offer”.
Foyer’s model is based on a digitalised service aimed at affluent customers.
Luxembourg as a life centre
Marc Lauer, chief executive of Foyer, said: “The acquisition of GB Life represents an opportunity to expand our activities in life insurance as a wealth management instrument. It is part of our strategic development vision and allows us to reinforce our competitive position.
“In addition, through this project, which also demonstrates the confidence of our shareholders and our financial strength, Foyer Group actively contributes to the development of Luxembourg as a leading centre for cross-border life insurance.”