Insurance agency ASR Nederland has completed the acquisition of Assicurazioni Generali’s Dutch business.
The acquisition was announced in September 2017.
The Generali Group will remain active, even after the sale via its Global Business Lines, namely, Generali Employee Benefits, Generali Global Corporate & Commercial, Europ Assistance and Generali Global Health.
It will continue to provide insurance services to its international customers, the company stated.
The acquisition was completed after fulfilling all conditions and obtaining a no-objection declaration from the Dutch central bank and approval from the Netherlands Authority for Consumers & Markets.
ASR Nederland will now start with integrating Generali Nederland into its own operations.
The full integration will take place in two phases and is expected to be completed by 2020 at the latest.
First, Generali Nederland staff will be moved into ASR locations in the due course of this year, followed by re-branding of its products into ASR products. ASR has assured that Generali Nederland customers will see their products and services being continued.
ASR CEO Jos Baeten said: “This acquisition further strengthens our position on the Dutch insurance market. The acquisition of Generali Nederland ties in with a.s.r.’s strategy of combining organic growth and growth through targeted acquisitions.
“The integration of Generali Nederland will be handled with the greatest possible care for all parties. Customers of Generali Nederland can be confident that they will get the best possible service from a.s.r.”
Generali Nederland has been around in the country for more than 145 years and has a workforce of about 350. The company sells a range of non-life and life insurance products. In 2016, it posted a turnover of €379m (€275m in non-life and €104m in life insurance).
Image: Generali’s building in the Netherlands. Photo: Courtesy of Assicurazioni Generali S.p.A.