AGER Bermuda To Acquire Aegon Ireland
AGER Bermuda Holding Ltd. [AGER], the holding company of Athene Holding Ltd.’s [Athene] European group companies, will acquire Aegon Ireland plc [Aegon Ireland], a Dublin-based insurer.
Consideration for the transaction will be approximately 81% of the own funds of Aegon Ireland as of closing. Solvency II own funds of Aegon Ireland were approximately £200 million [$260 million] as of 30 June 2017.
Aegon Ireland provides wealth management and retirement planning products to over 25,000 customers in the United Kingdom and Germany. It had assets of approximately £4.7 billion [$6.1 billion] as of 30 June 2017. The transaction is expected to close by the first quarter of 2018, subject to regulatory approvals.
“The successful capital raise by AGER in April 2017 has laid the foundation for our growth in Europe,” said Deepak Rajan, Executive Vice President at AGER. “This transaction is another important step toward our goal of becoming the premier European run-off consolidator and life reinsurance partner.”
“We see significant opportunities with Aegon Ireland. This acquisition gives us a strong platform to accumulate Irish annuities, to create a reinsurance hub in Europe, and to provide services to all AGER group companies including our existing German operations. A presence in Ireland has been part of our strategy from the beginning and Aegon Ireland is a perfect fit for our growth plans,” noted Mr. Rajan.
Rajan added, “Our goals for Europe are ambitious, but we have the capital, management team and blueprint for the future to become a competitive and permanent player in the market.
“The Athene Leben platform demonstrates our extensive experience in acquiring, integrating and administering run-off platforms. The acquisition of Aegon Ireland greatly enhances our ability to provide flexible solutions to the European market. This combination positions us well for the future.”
