a.s.r. to acquire Dutch ID
a.s.r. will acquire Velserbroek-based Dutch ID. Dutch ID is the holding company of Boval Group and Felison Assuradeuren. Boval is an independent consultancy and financial services broker and Felison Assuradeuren is a service provider. Both companies will continue to operate independently. The acquisition will give Boval and Felison the opportunity to grow further as a broker and as one of the Netherlands’ larger service providers respectively.
Dutch ID is one of the larger financial service providers in the country. Felison has a leading position as a service provider in income protection cover. Boval has a large client base in the agricultural wage, mechanical excavation and transport sectors. a.s.r. will acquire the shares in Dutch ID from investment company Bencis and from its management. The company’s 150 employees and three Board members will remain in the employ of Dutch ID.
Dutch ID Director Jaap Eringa: ‘We are delighted to be able to further strengthen our role on the Dutch consultancy market. The acquisition by a Dutch insurance company which deliberately opts for a broker as distribution partner and the resulting strategic boost, will give us the opportunity to further improve our service to Dutch businesses. This, together with the experience we have built up over more than 50 years, will allow us to continue providing significant added value to our customers.’
Rob van der Laan, partner at Bencis: ‘a.s.r. is a natural parent for Boval and Felison, under which they can expand further as an intermediary and service provider respectively.’
Michel Verwoest, member of the Executive Board of a.s.r.: ‘The service quality of our key distribution partner, the intermediary channel, is crucially important to us. That is why a.s.r. has chosen to bolster its strategic position in the distribution channel, particularly in the area of service provision. Boval and Felison have a long-standing track record in providing services to intermediaries and their customer satisfaction rating is excellent. They provide added value to customers, intermediaries and insurance companies alike. We are confident that Felison’s and Boval’s focus on income protection and disability insurance services respectively and a.s.r.’s position as market leader in this segment will be perfectly complementary.’
The Boval and Felison brand names will be retained. No details are being published about the purchase price.