Dutch insurer Aegon acquired from Achmea group the life insurance and pension business of Eureko in Romania for an undisclosed sum, in a bid to strengthen its presence in the Central and Eastern Europe region.
Aegon Romania said it will reach 650,000 pension fund members making it the third largest pension provider, while its life insurance portfolio will become one of the ten largest, following this deal. Aegon has been present in Romania since 2007.
“The addition of Eureko’s Romanian life insurance portfolio and pension fund business will significantly strengthen our position and ability to provide reliable long-term financial solutions for a growing customer base,” said Gábor Kepecs, CEO of Aegon CEE and members of Aegon’s Management Board.
Law firm Tuca Zbarcea & Asociatii advised Aegon in the transaction.
“The take over of Eureko’s portfolio represents one of the largest transaction in the life insurance and private pensions segments, marking a visible trend regarding the operational consolidation and extensions of the main players,” said Silvana Ivan, the partner who lead the team of lawyers from Tuca Zbarcea & Asociatii.
The deal is set to close in the second half of 2013, pending regulatory approval.