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Aegon, Caixa Terrasse in insurance joint venture

Fri Aug 29, 2008 2:12am EDT

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AMSTERDAM, Aug 29 (Reuters) - Dutch insurer Aegon NV (AEGN.AS) said on Friday it is buying 50 percent of the insurance business of Spain's Caixa Terrassa (S0485.MC) for 190 million euros ($281 million) as it seeks newer markets to fuel growth.

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The Caixa Terrassa Vida joint venture, focused on life insurance, pension and health insurance services, will make Aegon the sixth largest life insurer in Spain, the company said in a statement.

"Based on performance of the joint venture, Aegon may pay an additional consideration to Caixa Terrassa," the Hague-based insurance firm said. (Reporting by Reed Stevenson)

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