Delta Lloyd, the major Dutch insurer which is 100% owned by CGU plc ("CGU"), is in exclusive negotiations with NUTS OHRA, the Dutch health, life and general insurer.
Delta Lloyd, the major Dutch insurer which is 100% owned by CGU plc ("CGU"), is in exclusive negotiations with NUTS OHRA, the Dutch health, life and general insurer.
The negotiations are exploring a possible merger between the two companies which would lead to considerable economies of scale and efficiency benefits. The combination would be the third largest insurer in the Netherlands, with strong positions in the life, health and pensions market, and enhanced distribution through intermediary and direct channels. A further announcement will be made as the discussions progress.
Notes to Editors
- CGU is a leading European insurance group, with worldwide premium income of Ł15.7bn in 1998.
- Delta Lloyd ranks 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.