NN Group sells its Luxembourg insurance business

Dutch insurance and asset management company NN Group has signed an agreement to sell its Luxembourg insurance business to Global Bankers Insurance Group.

Formed in 1994, NN Life Luxembourg offers life insurance solutions. The sale is a result of the continuous strategic assessment of NN Group's portfolio, and it will not impact the group's asset management business in Luxembourg, NN Group said in a statement.

US-based Global Bankers group said that it has been pursuing an expansion strategy to establish a long-term presence in select European markets. The group comprises life and annuity re/insurance companies with operations around the world and represents the insurance division of Eli Global.

The transaction is subject to regulatory approval, and is expected to close in the second half of 2017.

Today’s top stories

Willis Towers Watson CFO Millay retires; search for successor begins

Markel takes full control of MGA Allsport Insurance in Canada

Severe US weather to cost insurers more than $2bn in March: Aon

Munich Re leads $45m funding for insurtech start-up Trov

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.