Reinsurance Group of America (RGA Re) has reportedly joined the race to acquire the Netherlands operations of insurance giant Generali.
Assicurazioni Generali, one of the largest insurance group’s in the world, is actively trying to sell its Netherlands and Belgian operations, with RGA Re joining the race to acquire the Dutch operation, according to local press reports.
Vivat Insurance, part of the Dutch SNS REAAL financial services group, and multi-line specialist ASR Nederland N.V., are the other two companies involved in the takeover battle.
Generali is looking for final bids for its Netherlands insurance operations by August and has given the three vying companies access to a data room on its subsidiary, it is reported, with RGA Re the last to be selected to have access.
The Netherlands operations of Generali Group employs around 400 people and underwrites around EUR 250 million of premiums, giving it less than 2% of the local market share and putting it 15th in terms of non-life players.
In life operations, which could be more attractive to RGA Re anyway given the reinsurance firms focus, Generali Nederlands is the 14th largest, with around a 1% market share and premiums of just over EUR 100 million.
Generali has been actively trying to sell off segments of its business which it does not see as core, or are deemed to be underperforming, in order to better optimise its capital around the group companies.
BNP Paribas is reportedly running the sale process.