Aon, through its subsidiary Aon Groep Nederland, has agreed to acquire Dutch insurance broker Unirobe Meeùs Groep (UMG) from Aegon for €295m.
The acquisition will strengthen Aon's position as a top global professional services company for risk, retirement and health solutions.
Aon said the acquisition reflects its commitment towards allotting capital to provide high-value advice and solutions to cater to client requirements.
Aon Netherlands country manager Marc van Nuland said: “This acquisition will drive value for clients of both UMG and Aon as we combine the knowledge and experience of UMG with Aon’s teams in the Netherlands, as well as with our global network.”
Aon plans to profile two entities after the completion of the acquisition with one that fully focuses on the small and medium-sized markets while the other to focus on bigger firms and multinationals.
The global insurance broker stated that customers of both UMG and Aon are expected to benefit from the acquisition owing to the combined knowledge and experience of the teams of the two firms in the Netherlands and in rest of the world.
For the Dutch insurance company Aegon, the divestiture of UMG is in line with its strategic goal to streamline its portfolio across its businesses.
Aegon CEO Alex Wynaendts said: “This transaction should be seen in the context of the evolving insurance landscape in the Netherlands and our strategy to optimize our portfolio."
"Through this divestment, we increase our financial flexibility and it allows us to focus on those businesses that are core to our strategy.”
Depending on works council advice and approval by the Dutch regulators, the transaction is likely to be completed in the fourth quarter of the year.
Image: Aegon’s headquarters in The Hague, Netherlands as pictured in 2005. Photo: courtesy of TeunSpaans/Wikipedia.org.