The insurer will be purchasing the Netherlands market property and casualty portfolio from the company.
It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon.
As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed.
At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5 percent. According to a statement from Allianz, there will be about 70 employees who will be responsible for the management of the portfolios as they are moved over from Aegon to Allianz.
There are two main parts to the P&C insurance portfolio that has been purchased by Allianz.
The two parts of the portfolio are the active commercial portfolio and the two run-off portfolios, which are made up of co-insurance and authorized agents. The current volume of the active commercial portfolio is about $96 million.
Back in 2012, Alliance had already given a boost to its Benelux presence through the integration of Allianz Netherlands, Allianz Belgium and Allianz Luxemburg to create Allianz Benelux out of them all. According to the company, at that time, it was a necessary move in order to be able to increase the range of potential investments available to them within the Benelux marketplace. That being the fourth largest European market, it obviously offered considerable opportunity.
Now, this latest P&C insurance acquisition has aligned itself with the strategy that was implemented at that time. According to Sergio Balbinot, an Allianz SE member of the board of management responsible for Insurance Western & Southern Europe; Middle East, Africa and India, “The acquisition is in line with our strategic goals in Benelux and significantly strengthens Allianz’s position in the Dutch commercial market.”
It is expected that over 60,000 Aegon commercial clients will be heading to Allianz as a result of this transaction. This move has been strategically made in order to help to keep the impact on clients and brokers to an absolute minimum.