Reinsurance Group of America sells Dutch life insurer to De Goudse

Reinsurance Group of America, Incorporated (RGA) has agreed to sell its Dutch life insurance company, Leidsche Verzekering Maatschappij NV to De Goudse NV.

Leidsche has liabilities of approximately $0.5bn at year end 2019.

The purchase is subject to approval of the Competition Authority, De Nederlandsche Bank and the Bermuda Monetary Authority, in addition to the completion of the advice procedure with the works council of De Goudse.

"RGA remains highly committed to serving its clients in its reinsurance business in the Netherlands,” said Johan Tuijp, managing director, Netherlands and Nordics, RGA. “We believe the sale of Leidsche supports their long-term growth strategy in the protection market, which could not be supported directly under RGA ownership, and we are confident De Goudse is aligned with Leidsche’s vision and will be an excellent new home for the policyholders and employees of Leidsche.”

Olav Cuiper, executive vice president, EMEA Markets, RGA, added: “We initiated the sale process in a pre-COVID-19 environment, and even during these unprecedented times we were able to achieve an optimal transaction outcome. We are immensely proud of the team who supported the deal and we believe our longstanding relationship with De Goudse was a key to making this process as smooth and efficient as possible.”

Geert Bouwmeester, chief executive officer of De Goudse, commented: “For many years, life insurance has been one of the most important pillars of De Goudse. In 2018, our company introduced its ‘New-life’ strategy, which encompasses a focus on new product development and production as well as the acquisition of life portfolios and companies that fit in with the strategy of De Goudse. At the end of 2019, we acquired a portfolio from BNP Cardif.”

Robbert Prins, De Goudse board member, added: “The acquisition of Leidsche and the subsequent combining of our life businesses is a significant step in the realization of our ‘New-life’ strategy. Acquiring Leidsche will help us execute on our new business ambitions given Leidsche’s position in term life and annuities. In addition, we see a strong cultural fit between our companies and are very happy to combine the strengths of both our companies.”