Dutch general insurer ING has confirmed that it has completed the sale of its specialty insurance arm National Borg to HAL Investments, the European investment subsidiary of Netherlands-based HAL Holding.
The transaction, which was originally announced on October 16, 2006, has received all appropriate regulatory approvals and is in line with ING’s current strategy to focus on its core insurance, banking and asset management businesses.
Nationale Borg is a specialist provider of guarantee insurance, including customs bonds, with a leading position in the transportation, construction and logistics sectors in the Netherlands.
In addition, the company issues bonds and guarantees for clients ensuring they will meet legal or contractual obligations. Furthermore, the group underwrites credit and surety reinsurance, as well as money and fraud insurance.