June 7, 2019 / 5:51 AM / 6 months ago

Athora, NN Group team up to buy Dutch insurer Vivat

AMSTERDAM, June 7 (Reuters) - Dutch insurer Vivat said on Friday it had agreed to a buyout deal with private European life insurer Athora. Terms of the main deal were not disclosed but the Netherlands’ NN Group said it would buy Vivat’s smaller damage subsidiary for 416 million euros ($468.6 million).

Chinese owner Anbang put Vivat, one of the largest insurance companies in the Netherlands, up for sale last year. This also drew bids from other large Dutch insurers Aegon and ASR.

Anbang had acquired Vivat in 2015 for one euro — and an equity injection of 1.35 billion euros to shore up the company’s balance sheet. ($1 = 0.8877 euros) (Reporting by Bart Meijer; Editing by Subhranshu Sahu)

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