ASR Nederland NV has acquired Italian insurer Generali's entire stake in Generali Nederland NV, after receiving approvals from the Dutch central bank and competition authority.
The companies announced the transaction in September 2017 for a price of €143 million in cash. At the time, ASR pegged its total commitment at about €200 million, inclusive of a planned capital contribution to General Nederland.
Generali Nederland's activities will be integrated into ASR in phases, a process expected to be completed by 2020. During 2018, Generali Nederland employees will relocate to ASR with its products to be rebranded under ASR labels.
Generali Nederland employs about 350 people and posted turnover of €379 million in 2016.
