ASR Nederland N.V. (a.s.r.), a Dutch insurance company, has reached an agreement with BOVAG to acquire 100% of the insurance activities of Bovemij N.V. (Bovemij) for €185 million in cash.
Established in 1963, Bovemij specialises in insurance and related services for the mobility sector, with insurance activities generating approximately €400 million in gross written premiums in 2024.
For the distribution of insurance products, BOVAG and a.s.r. will each hold a 50% stake in a newly established joint venture.
Customers will continue to receive advice and distribution services through the trusted Bovemij and ENRA brands.
The impact of the transaction on a.s.r.’s Solvency II ratio is expected to be approximately 3.5%-points. The transaction exceeds the minimum return requirement of >12% on invested capital.
Through the acquisition of Bovemij’s insurance activities, a.s.r. strengthens its position as a non-life insurer and secures a strong foothold in the mobility sector through the well-established Bovemij and ENRA brands.
For Bovemij and ENRA customers, the acquisition brings greater expertise and capacity to meet growing demand for tailored insurance solutions in a rapidly evolving mobility market, while maintaining familiar service levels and brand identities. Continued involvement from BOVAG will ensure sector-specific knowledge and a strong connection to the practical needs of mobility businesses.
Jos Baeten, CEO of a.s.r., said, ‘We are pleased with this transaction, which fits within our growth strategy and enables a sustainable partnership with BOVAG. Bovemij is a strong player with a rich history and extensive expertise in mobility. Together, we can serve our customers even better with innovative products and services. For employees, this represents an opportunity to combine knowledge and experience and jointly build a future-proof organisation. We look forward to welcoming Bovemij’s employees and customers to a.s.r. in the near future.’
Christianne van der Wal, Chair of BOVAG, added, ‘This strategic partnership is an important step for the mobility sector. By bringing the knowledge, experience and strengths of BOVAG and a.s.r. together, we create a solid foundation for sustainable growth and innovative solutions for our members. We recognise that this change will have an impact on colleagues at Bovemij Group. Together, we will ensure a careful transition.’
The acquisition is subject to approval by the Netherlands Authority for Consumers and Markets, obtaining a declaration of no objection from De Nederlandsche Bank, and the advisory process of the works councils. The transaction is expected to close in the second half of 2026.
