ASR acquires insurer Loyalis
Houthoff advised ASR Nederland N.V. (a.s.r.) on the acquisition of Loyalis N.V. (Loyalis) from APG Groep N.V. (APG). With this acquisition, a.s.r. has broadened and strengthened its market position in the field of disability insurance and enforced its leading role as a provider of overall solutions for sustainable employability. The acquisition price is EUR 450 million.
Loyalis is part of pension administrator APG and employs approximately 300 FTEs. The Heerlen-based insurer offers disability insurance, survivors’ insurance and supplementary pensions for employers, employees and self-employed persons. Loyalis has approximately 450,000 insured persons at around 10,000 employers. Its group insurance policies mean it is well-positioned with medium and large companies in education, construction, healthcare and government. The company also offers services in the fields of prevention, vitality, absenteeism and reintegration.
The Loyalis name and brand will continue. Loyalis's office will stay in Heerlen. From there, Loyalis will continue to operate its disability business and continue cooperating with APG in knowledge sharing, product development and customer service. Loyalis's life/pensions activities are expected to be integrated into a.s.r. in 2020.
The takeover is subject to the approval of De Nederlandsche Bank and the Dutch Consumer & Market Authority, and completion of the advice procedure with APG's works council. The acquisition is expected to close in the first half of 2019.
ASR koopt Loyalis voor 450 mln | Het Financieele Dagblad (Dutch only)
Aankoop Loyalis door ASR logisch | Telegraaf (Dutch only)