Allianz has agreed to acquire the commercial P&C portfolio of Aegon. This portfolio has two parts: the active commercial portfolio with a total volume of about 90 million euros and two run-off portfolios: authorized agents and co-insurance. Allianz’s P&C market share in the Netherlands will rise from 4.4 percent to 5.0 percent with this transaction. Around 70 employees involved in handling the portfolios will transfer to Allianz.
Strengthening our footprint in the commercial market
Allianz strengthened its presence in Benelux at end of 2012 by integrating Allianz Belgium, Allianz Luxemburg and Allianz Netherlands into Allianz Benelux. This was necessary to make significant investments possible in the Benelux market, which Allianz targeted as attractive. The Benelux market is number four in size 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. Minimizing the impact of the transaction for clients and brokers is a key objective. The employees of Aegon play a key part, bringing their service expertise and client knowledge to Allianz.
Sjoerd Laarberg, CEO Allianz Netherlands: “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.”
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. Tailored to the commercial segment, from self-employed to large corporates, Allianz offers a wide array of solutions. Allianz does so in close cooperation with its broker network.
The transaction is subject to regulatory and competition board approvals.