Approval has been officially granted for Allianz’s acquisition of Aegon’s commercial P&C portfolio.
As of July 1, the portfolio, with a premium volume of around €90 million (£74 million), will transfer across to Allianz with the company bearing the risk of both it and its two run-off portfolios while around 70 Aegon employees will move across to Allianz. The acquisition has been officially approved by the Dutch central bank and the Dutch Authority for Consumers & Markets.
According to Sjoerd Laarberg, CEO of Allianz Netherlands, the deal represents a good opportunity to grow in the commercial market.
“We see this day as the starting point for the further expansion of our range of products and services for Dutch businesses and for intensifying our collaboration with brokers,” he said. “It has been a pleasure working with Aegon these past months and we would like to thank them for their efforts.”
Meanwhile, Marco Keim, CEO of Aegon Netherlands added: ‘We are pleased with the professional manner in which we have been able to transfer our commercial P&C business to Allianz. Two important goals have been achieved. We have succeeded in offering our customers continuity and giving our employees a new perspective. The focus of our non-life business now lies entirely on income protection insurance and personal non-life insurance.”
In total, Allianz will take over more than 60,000 commercial customers from Aegon; the employees involved in handling the portfolios will transfer to Allianz as well to ensure operational continuity.
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