Global Bankers Insurance Group, the insurance and reinsurance group of Eli Global, has signed an agreement with NN Group to acquire their Luxembourgish insurance company NN Life Luxembourg.
“Global Bankers Insurance Group is a respected industry leader with a history of strong performance and a business oriented mind‐set,” stated Pieter Coopmans, CEO of NN Life Luxembourg. “This acquisition is positive for our employees, our clients and our business partners. Their long term investment philosophy will enable us to reach our full potential in existing and new markets within the EU.”
“It has been a pleasure to work with NN Group to bring this transaction to fruition. Acquiring NN Life Luxembourg is key to our continued strategic expansion in Europe,” said George Luecke, Vice Chairman and Co‐Chief Executive Officer of Global Bankers. The deal follows Global Banker’s decision earlier this year to acquire a portfolio of in‐force life and annuity insurance policies from Natixis Assurances in France. “We are particularly excited about establishing and developing a long‐term presence in Luxembourg, one of the leading financial, asset management and insurance centers in the world. It will be a privilege to serve NN Life Luxembourg’s banking partners and clients across Europe with an enhanced range of tailored insurance solutions from this ideal location. We welcome the company’s staff onto our motivated global team, and we are here to assist them in many ways to facilitate their growth prospects and success.”
NN Group was lead advised by Matthew Moran of PWC. The transaction is subject to regulatory approval from the Commissariat aux Assurances (CAA) (Luxembourg’s insurance regulator) and is expected to be closed in the second semester of 2017.
