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.
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
Read NN Group's press release here.