NN Group and the Global Bankers Insurance Group have reached an agreement on the sale of NN Life Luxembourg to an affiliate of Global Bankers Insurance Group. Established in 1994, NN Life Luxembourg provides life insurance solutions tailored to its customers. The sale is a result of the continuous strategic assessment of NN Group’s portfolio. It will not impact NN Group’s asset management business in Luxembourg.
Global Bankers is an established and growing family of life & annuity insurance and reinsurance companies with operations around the world. The group is based in the USA and has been pursuing an expansion strategy to establish a long-term presence in select European markets. Global Bankers represents the insurance division of Eli Global, LLC, a unique federation of autonomous businesses involved in various industries across the globe, including healthcare and financial services.
The transaction is subject to regulatory approval, and is expected to close in the second half of 2017.
The transaction is not expected to have a material impact on the capital position and operating result of NN Group.