Dutch Insurance Group Aegon Takes Over Eureko’s Portfolio of Private Pensions and Life Insurance
Țuca Zbârcea & Asociații announces the closing of the takeover of Eureko’s portfolio of private pensions and life insurance, advising its client, Aegon.
The transaction is set to close in the second half of 2013, pending regulatory approval.
After the takeover of Eureko Romania’s operations, Aegon will become the third largest provider of pensions in the country, reaching approximately 650,000 members. Meanwhile, the life insurance portfolio will become one of the ten largest on the Romanian market.
The legal team involved in this transaction was led by Silvana Ivan, Partner, along with Horia Ispas and Ciprian Timofte, all playing a key role in the project.
“It has been a complex transaction, covering both insurance and pensions areas and which finalized after more than 6 months of negotiations. We are currently assisting Aegon in relation to obtaining the regulatory clearance on this deal. The taking over Eureko’s portfolios represents one of the largest transactions in the life insurance and private pensions (Pillar II and III) in Romania, marking an already visible trend regarding the operational consolidation and extensions of the key market players”, Silvana Ivan declares.
This transaction is an outcome of the strategy Achmea has announced early 2012, that of selectively developing the group’s international operations.