Athora Holding Ltd. has announced the completion of its acquisition of Aegon Ireland plc, the Irish subsidiary of Dutch re/insurer Aegon N.V., for a final total consideration of approximately GBP 170 million (€195 million).
Following the transaction, Athora now has roughly €10 billion of consolidated assets, 300,000 policyholders, and 400 employees across four offices.
Michele Bareggi, Athora Group Managing Partner, said: “The completion of this transaction is an important step toward our goal of becoming the premier European life insurance consolidator and life reinsurance partner.
“We now have a robust platform to serve our operations across Europe and establish our European reinsurance hub. The momentum behind our pursuit of continued growth and scale is now enabled further.”
He added: “The addition of Aegon Ireland to the Athora family is a transformative event that will add to the Company’s scale and its ability to achieve its wider goals throughout Europe. The transaction also demonstrates Athora’s extensive experience in successfully acquiring and integrating businesses.”
Last year, Athora received binding subscriptions of around €2.2 billion through a private placement of common equity securities, and this acquisition represents the first time that Athora has drawn on the successful capital raise since its deconsolidation from its former parent, Athene Holding Ltd., in January 2018.
Athora indicated that Aegon Ireland will be renamed Athora Ireland before the end of the third quarter of 2018.
