a.s.r. strengthens position in commercial P&C insurance market
a.s.r. acquires Corins, an underwriting agency operating in the co-insurance market. a.s.r. agreed on the acquisition with the owners of Corins. This acquisition helps a.s.r. to strengthen its position in the commercial P&C insurance market.
Corins has been successful as an underwriting agency in the Dutch co-insurance market since 2003. The company generated a premium income of more than € 18 million in 2015 and services over 60 brokers. Corins will continue to represent the insurers it already does business with.
The acquisition of Corins is in line with a.s.r.’s strategy to grow in the Dutch commercial P&C insurance market through organic growth and selective acquisitions. The co-insurance activities of a.s.r. and Corins are perfectly complementary and the acquisition fits well within a.s.r.’s investment guidelines.
Karin Bergstein, member of the Executive Board of a.s.r.: ‘I am very pleased with the acquisition of Corins. This will help a.s.r. to strengthen its position in the Dutch market and it helps us to expand our distribution network. The knowledge and experience of the Corins specialists are a welcome addition to the expertise we have built up.'
Hanny Kohlbrugge, director/majority shareholder of Corins: ‘This acquisition gives practical application to our ambition to become affiliated with a powerful and robust insurance group. We are confident that, with a.s.r. as our new partner, we will be able to provide even better services to the commercial P&C insurance market.’
The employees will remain on the Corins payroll. The business will continue to be based in Amsterdam, from which it will operate independently. No details are being disclosed about the acquisition price. The transaction is subject to the consent of the regulator.