Aon Groep Nederland announced it has entered into an agreement to acquire Utrecht-based broker Unirobe Meeùs Groep (UMG) from Aegon for €295 million ($347.9 million).
The transaction is subject to works council advice and approval by the Dutch regulators, and is expected to close in the fourth quarter of 2017. The acquisition encompasses the whole of UMG.
On completion of the purchase, Aon said it will be the leading insurance broker and risk adviser in all business-to-business market segments in the Netherlands.
“This acquisition will drive value for clients of both UMG and Aon as we combine the knowledge and experience of UMG with Aon’s teams in the Netherlands, as well as with our global network,” said Marc van Nuland, country manager, Aon Netherlands, which is headquartered in Rotterdam.
In a statement, Aegon said the transaction is expected to result in an increase of Solvency II capital of approximately €225 million ($265.3 million), which will improve the Solvency II ratio of Aegon the Netherlands by an estimated 6 percentage points.
“This transaction should be seen in the context of the evolving insurance landscape in the Netherlands and our strategy to optimize our portfolio,” said Alex Wynaendts, CEO of Aegon. “Through this divestment, we increase our financial flexibility and it allows us to focus on those businesses that are core to our strategy.”
Source: Aon and Aegon
Topics Mergers & Acquisitions Agencies Aon
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