Bermuda-based Athora has agreed to acquire Dutch insurer VIVAT from Chinese insurer Anbang Group, including the life and asset management divisions.

After the completion of this deal, the Netherlands-based NN Group will acquire VIVAT’s non-life business VIVAT Schade for €416m ($470m) from Athora.

The takeover of VIVAT will pave way for Athora’s entry into the Dutch market.

Upon completion of the transaction, all of VIVAT’s life brands, including Zwitserleven and Reeal, will continue to operate in the Dutch market.

Besides, VIVAT will continue to maintain its headquarters in Amstelveen.

After adjusting for the transaction, Athora will have almost €70bn of consolidated assets and VIVAT’s nearly 2.2 million life policyholders will join Athora’s existing 800,000 policyholders.

Athora CEO Michele Bareggi said: “Today marks our entrance in the Dutch market following our acquisitions and integration of the insurance businesses of Generali in Belgium, Aegon in Ireland and Delta Lloyd in Germany.

“We are building a specialised insurance group in Europe and VIVAT’s strong presence, including its compelling brand portfolio, will become a significant part of our European operations.

NN Group to acquire VIVAT Schade

As part of the VIVAT Schade acquisition, NN Group will also purchase the intercompany Tier 2 loans granted by VIVAT holding to VIVAT Non-life for a consideration of €150m.

NN Group expects the acquisition to further boost its strategic position and strengthens its non-life platform in the Netherlands.

NN Group CEO Lard Friese said: “We are pleased that together with Athora, we can offer VIVAT stakeholders a clear path for the future. For us, this acquisition represents a next step in strengthening our non-life business.

“After the acquisition of Delta Lloyd in 2017, we gained valuable experience in successfully integrating business operations. In today’s competitive markets, scale is essential to deliver attractive and sustainable customer propositions in the long-term.

Both the deals are scheduled to be completed in the first-quarter of next year.