Utrecht,
14
October
2011
|
00:00
Europe/Amsterdam

ASR acquires Paerel Leven

Summary

​ASR will acquire all the shares of life insurance company Paerel, the two insurers have agreed. Paerel's operations will be integrated into ASR's Life business.

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​ASR will acquire life insurance company Paerel, which is based in Amsterdam. Due to interest rate developments, Paerel Leven's solvency has been under pressure. Which is why Paerel sought to join a strong player. Paerel Leven's operations will be integrated into ASR's Life business. In this manner continuity for policyholders is ensured.

The acquisition of Paerel Leven has a neutral impact on ASR's solvency.

Jos Baeten, CEO of ASR: 'We believe it is important to offer Paerel's clients certainty about their entitlements and we expect the integration of the operations to be swift.'

Ebbo de Jong, CEO of Paerel Leven, emphasizes the benefits of this acquisition for its clients: 'To guarantee continuity for our policyholders we sought a strong player. We have found that in ASR.'

Paerel Leven is a life insurance company based in Amsterdam offering both annuities and pension insurance and has a balance sheet total of EUR 200 million.

The Dutch Central Bank (DNB) has issued the required declaration of no objection, for the acquisition of Paerel Leven by ASR. The usual conditions apply to the acquisition, including approval from the Netherlands Competition Authority (NMa), which is pending.