NN Group has agreed to buy a 70% stake in insurance broker and service provider Heinenoord for EUR 176 million. NN will also refinance Heinenoord's outstanding debt of EUR 129 million. Under an agreed option structure, NN could acquire the remaining 30% of shares within four years after the transaction's closing.
Heinenoord is one of the largest brokers and service providers in the Dutch insurance market, offering policy administration, underwriting services and claims handling, among other things. The company is growing rapidly in terms of revenue and margin. It acts as broker and mandated agent for a wide variety of non-life insurance products and insurers, servicing both the SME and retail market. Heinenoord also provides services to an extensive network of around 500 independent brokers.
Read NN Group's press release here.