Reinsurance News

Aon Netherlands to acquire UMG from Aegon for €295 million

8th August 2017 - Author: Luke Gallin

Netherlands-based subsidiary of insurance and reinsurance brokerage Aon, Aon Groep Nederland, has announced that it will acquire Unirobe Meeùs Groep (UMG) from Aegon for €295 million (US$348.4 million).

mergers and acquisitions reinsuranceThe deal is expected to close in the fourth-quarter of this year, and remains subject to council advice and approval from Dutch regulators.

The acquisition concerns the entirety of UMG, an independent financial advisory group, and Aon says that when completed it will the leading broker and risk advisor in all business-to-business markets in the region.

Country Manager of Aon Netherlands, Marc van Nuland, said; “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.”

Alex Wynaendts, the Chief Executive Officer (CEO) of Aegon, commented; “I am delighted that we have found a new strong owner with an international footprint for UMG’s customers and staff.

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“This transaction should be seen in the context of the evolving insurance landscape in the Netherlands and our strategy to optimize our portfolio. Through this divestment, we increase our financial flexibility and it allows us to focus on those businesses that are core to our strategy. I would like to thank UMG’s employees and management for their many contributions.”

Aegon expects the deal to result in an increase of Solvency II capital of approximately €225 million (US$267 million), that it says will be retained in Aegon the Netherlands.

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