Dutch financial services provider ING Group has revealed its intension to sell its specialty insurance unit Nationale Borg to HAL Investments and Egeria, although the firm has not indicated the sale price.
Nationale Borg is a specialist provider of guarantee insurance, including customs bonds, with a leading position in the transportation, construction and logistics sectors in the Netherlands. The company issues bonds and guarantees for clients ensuring they will meet legal or contractual obligations. In addition, the company underwrites credit and surety reinsurance as well as money and fraud insurance.
Nationale Borg had total assets of E147.4 million at the end of 2005. It posted a net profit of E11.1 million last year with a gross written premium of E60.6 million.
ING says the transaction, which is expected to be completed in the first quarter of 2007, is expected to have no material impact on its results.