Delta Lloyd Group, the Dutch subsidiary of insurance giant Aviva, has confirmed its intentions to acquire German general insurer Erasmus Group.
The proposed acquisition will be in line with Delta Lloyd’s current strategy to further strengthen its position in the Dutch insurance market. Erasmus’ general insurance activities complement those of Delta Lloyd’s, as well as bringing additional life activities to the portfolio of Delta Lloyd Life Insurance.
Erasmus had gross assets of E983 million and net assets of E44 million as at December 31, 2005. Erasmus’ gross premium income was E228 million for the year ended December 31, 2005, with general insurance accounting for approximately 55% and life for 45%.
Henk Raue, member of the executive board for Delta Lloyd Group with responsibility for Delta Lloyd Insurance, commented: The acquisition of Erasmus will enable us to strengthen Delta Lloyd’s position in the Dutch life and general insurance market and complements the existing proposition of Delta Lloyd Insurance.
The acquisition will take effect retrospectively from January 1, 2007, subject to the approval of the Dutch regulator.