The UK’s Aviva plc announced that its Dutch subsidiary, Delta Lloyd Group, plans to acquire Erasmus Groep BV, based in Rotterdam, from Wüstenrot & Württembergische AG, based in Stuttgart, Germany.
“The acquisition of Erasmus is in line with Delta Lloyd’s ambition to further strengthen its position in the Dutch insurance market,” said the bulletin. “Erasmus’ expertise in general insurance fits well with the activities of Delta Lloyd General, and the life activities form an excellent addition to the portfolio of Delta Lloyd Life Insurance, thus reinforcing Delta Lloyd’s intermediary activities.
“Erasmus had gross assets of €983 million [$890 million] and net assets of €44 million [$57.3 million] as at 31 December 2005. Erasmus gross premium income was €228 million [$297.3 million] for the year ended 31 December 2005, with general insurance accounting for approximately 55 percent and life for 45 percent.”
Henk Raué, member of the executive board for Delta Lloyd Group with responsibility for Delta Lloyd Insurance, commented: “The acquisition of Erasmus will enable us to strengthen Delta Lloyd’s position in the Dutch life and general insurance market and complements the existing proposition of Delta Lloyd Insurance.”
The acquisition will take effect retrospectively from 1 January 2007, subject to the approval of the Dutch regulator, the relevant works councils and notification to the relevant competition authorities.
Topics Mergers & Acquisitions
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