AGER Bermuda Holding has agreed to purchase Dublin-based insurer Aegon Ireland as part of its strategy to strengthen its presence in Europe.

Under the agreement, consideration for the transaction would be nearly 81% of the own funds of Aegon Ireland as of closing. As of 30 June 2017, Solvency II own funds of Aegon Ireland were about £200m ($260m).

Aegon Ireland offers wealth management and retirement planning products to more than 25,000 customers in the UK and Germany. It had assets of almost £4.7bn ($6.1bn) as of 30 June 2017.

Pending receipt of the regulatory approval, the transaction is likely to be concluded by the first quarter of 2018.

Commenting on the agreement, AGER executive vice president Deepak Rajan said: “The successful capital raise by AGER in April 2017 has laid the foundation for our growth in Europe. This transaction is another important step toward our goal of becoming the premier European run-off consolidator and life reinsurance partner.”

“We see significant opportunities with Aegon Ireland. This acquisition gives us a strong platform to accumulate Irish annuities, to create a reinsurance hub in Europe, and to provide services to all AGER group companies including our existing German operations.

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“A presence in Ireland has been part of our strategy from the beginning and Aegon Ireland is a perfect fit for our growth plans.”