Dutch insurer ASR has agreed to acquire local peer Loyalis from pensions administrator APG in a deal worth €450m.
Loyalis focuses on disability insurance, survivors’ insurance and supplementary pensions. It also offers services covering prevention, vitality, absenteeism and reintegration.
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The business, founded in 2002, has a workforce of 300. It has nearly 450,000 insureds at around 10,000 employers.
ASR CEO Jos Baeten said: “The acquisition of the complementary portfolio of Loyalis strengthens a.s.r.’s market position and offers us opportunities to grow further in new segments. I would like to extend a warm welcome to the Loyalis colleagues.
“We believe it is important to continue the commercial cooperation with APG in the field of disability insurance and sustainable employability for many years to come. We will continue to do so with the Loyalis brand and from Heerlen. The life and pensions activities of Loyalis are expected to be integrated into a.s.r. in 2020.”
The deal is pending regulatory approval and is expected to be completed in the first half of next year.
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By GlobalDataIt will be funded with a short-term loan. Loyalis will retain its brand following the takeover.
The transaction will have a negative impact of nine percentage points on ASR’s solvency. However, ASR expects the acquired entity to contribute more than €40m to its net operating result in 2022.
