30 Dec NN Group buys Delta Lloyd in €2.5bn deal
Dutch insurer NN Group is to strengthen its hold on its domestic market by buying rival Delta Lloyd in a long-awaited €2.5bn deal.
The acquisition, combined with Fairfax’s purchase of Allied World at the start of this week, marks a busy end to what had been a relatively quiet year for merger and acquisition activity in the insurance sector.
The deal, which has been agreed by Delta Lloyd, will combine two of the largest insurers in the Netherlands. It will be number one in the life insurance market and number two in the non-life market. It will also have asset management and banking businesses. <read more>