The transfer of Aegon’s legal domicile to Bermuda will help the firm to maintain its headquarters in the Netherlands. Credit: Redd F on Unsplash.

Dutch insurance company AEGON has announced plans to transfer its legal domicile to Bermuda but will continue to operate from its headquarters in the Netherlands.

The move will allow the firm to stay a Dutch tax resident, as well as remain listed on Euronext Amsterdam and on New York Stock Exchange (NYSE).

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Aegon’s group supervision will also be shifted from Dutch Central Bank (DNB) to Bermuda Monetary Authority (BMA).

This will have no material impact on Aegon’s capital management method.

Following the completion of the change of legal domicile, Aegon NV will become Aegon Ltd, a Bermuda entity.

All current assets and liabilities, rights, obligations as well as other legal dealings of Aegon NV will stay with Aegon Ltd.

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After Aegon concludes its previously announced deal to sell its Dutch business to a.s.r., it will not have a regulated insurance business in the Netherlands.

As per Solvency II rules, Aegon’s existing supervisor DNB will cease to act as the group supervisor of the company.

However, BMA has told Aegon that it would become its group supervisor provided Aegon would move its legal seat to Bermuda.

Aegon CEO Lard Friese said: “I welcome the transfer of group supervision from the DNB to the BMA.

“Bermuda has an established, well-regarded regulatory regime that will facilitate the implementation of our strategy to build leaders in investment, protection and retirement solutions, as outlined at our recent Capital Markets Day.”

In addition, Aegon’s regulated insurance businesses in the US, the UK, Spain, Portugal and other territories will remain under the supervision of their current local regulators.