De Goudse has agreed to acquire Dutch life insurance company Leidsche Verzekering Maatschappij from Reinsurance Group of America (RGA) for an unknown sum.

The purchase is subject to approval of the Competition Authority, De Nederlandsche Bank and the Bermuda Monetary Authority, in addition to the completion of the advice procedure with the works council of De Goudse.

The acquisition is anticipated to help Leidsche realise its business goals in the life and annuities market.

Commenting on the development, De Goudse CEO Geert Bouwmeester said: “For many years, life insurance has been one of the most important pillars of De Goudse.

“In 2018, our company introduced its ‘New-life’ strategy, which encompasses a focus on new product development and production as well as the acquisition of life portfolios and companies that fit in with the strategy of De Goudse. At the end of 2019, we acquired a portfolio from BNP Cardif.”

RGA Netherlands and Nordics managing director Johan Tuijp said: “RGA remains highly committed to serving its clients in its reinsurance business in the Netherlands.

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“We believe the sale of Leidsche supports their long-term growth strategy in the protection market, which could not be supported directly under RGA ownership, and we are confident De Goudse is aligned with Leidsche’s vision and will be an excellent new home for the policyholders and employees of Leidsche.”