Allianz has agreed to acquire the commercial P&C portfolio of Aegon in the Netherlands. Details of the transaction were not disclosed.
Allianz’s P&C market share in the Netherlands will rise from 4.4 percent to 5.0 percent with this transaction, said Allianz, adding that approximately 70 employees involved in handling the portfolios will transfer to Allianz.
This portfolio has two parts: the active commercial portfolio with a total volume of about 90 million euros ($96 million) and two run-off portfolios: authorized agents and co-insurance.
Allianz strengthened its presence in Benelux at end of 2012 by integrating Allianz Belgium, Allianz Luxemburg and Allianz Netherlands into Allianz Benelux. The company said this was necessary to make significant investments possible in the Benelux market, which is the fourth largest market in Europe.
“The acquisition is in line with our strategic goals in Benelux and significantly strengthens Allianz’s position in the Dutch commercial market,” said Sergio Balbinot, member of the Allianz SE board of management responsible for Insurance Western & Southern Europe; Middle East, Africa and India.
In total more than 60,000 commercial clients of Aegon will transfer to Allianz, which aims to minimize the impact of the transaction for clients and brokers. “The employees of Aegon play a key part, bringing their service expertise and client knowledge to Allianz,” said the statement from Allianz.
Sjoerd Laarberg, CEO Allianz Netherlands, said: “With this acquisition, we grow in our core market segment, we strengthen our position in the broker channel and we welcome a committed and knowledgeable group of new colleagues.”
Tailored to the commercial segment, from self-employed to large corporates, Allianz offers a wide array of solutions, in close cooperation with its broker network, the company said.
In addition to the commercial P&C market, Allianz in the Netherlands is active in life and disability insurance and has a strong market positon in motor insurance.
The transaction is subject to regulatory and competition board approvals.