The Trieste-based Generali Group said today that it is selling its Dutch operations to ASR Nederland – a Dutch insurer that was created in the wake of the collapse of Fortis in 2008 – for €143m (US171m).
In a statement announcing the deal today, Generali said the sale reflected the company’s strategy of seeking to “optimise its geographical presence, increase operational efficiency and improve capital allocation”.
It noted that the contribution of the Dutch business to its overall group operating result was “limited”, and equal to approx. €9m in 2016.
When the deal, which is subject to “customary adjustments” following closing, is ultiamtely completed, the Generali group will receive, as initial consideration, €143m, the Generali statement noted.
Generali group chief executive of Global Business Lines & International Frédéric de Courtois said the deal “reaffirm[s] our commitment to the rebalancing of Generali Group’s geographical presence across the world”.
“After the closing in Guatemala and the recent agreement to dispose our operations in Colombia and Panama, this transaction represents a significant step to pursue the strategy announced during our last Investor Day,” he added.
“We are well on track in executing our strategy, and we are confident to generate at least €1bn of cash [as a result of the sale].”
ASR is one of the largest insurers in the Netherlands. It was acquired by Fortis 2000, and subsequently spun off by the Dutch government, which brought the ASR name back into use when it did so. Its shares are listed on the Euronext exchange.
According to ASR, Generali Nederland has been active in the Netherlands for more than 145 years, and currently has a staff of about 350 employees. It provides a range of life and non-life insurance products to the market.