Delta Lloyd, the major Dutch insurer which is 100% owned by CGU plc (CGU), has agreed in principle to merge with NUTS OHRA, the Dutch health, life and general insurer, following a period of exclusive negotiations.
Delta Lloyd, the major Dutch insurer which is 100% owned by CGU plc (CGU), has agreed in principle to merge with NUTS OHRA, the Dutch health, life and general insurer, following a period of exclusive negotiations.
The new company will be called DELTA LLOYD NUTS OHRA, and the terms and structure of the merger are expected to be announced this autumn, following consultations with the Works Councils of the two groups and the Association of NUTS OHRA.
Notes to Editors
- CGU is a leading European insurance group, with worldwide premium income of Ł15.7bn in 1998.
- Delta Lloyd ranked fifth in the Netherlands for both life and general insurance, with total premium income of Ł1.1bn in 1998, of which life business accounted for two-thirds.
- NUTS OHRA is a mutual insurance company and the 10th largest insurer in the Netherlands. It has a strong position in health care (some 80% of sales) and direct distribution (some 40% of sales) with the balance through intermediaries. Premiums in 1997 were over Ł900m.
- An announcement of exclusive negotiations was made on 2 June 1999.
- Business analysis of the new group, based on premium income:
56% Life
21% General insurance
21% Health
2% Other
- Distribution channels of the new group:
75% Intermediary (ranked 1st)
25% Direct marketing (ranked 2nd)
- Key market positions of the new group:
3rd largest insurer in the Netherlands
2nd largest pensions business
2nd largest health company
4th largest life business
4th largest general insurance business