Achmea acquires 100% of Friesland Bank Assurantiën shares

Friesland Bank will transfer the shares in Friesland Bank Assurantiën (FBA) with effect from 31 December 2012. The purchase contract has been signed and the transaction has been completed by the parties today. FBA’s activities will be transferred progressively to Achmea and Rabobank over the next eighteen months. FBA’s staff of 105 will as far as possible be relocated within Achmea and Rabobank. A social protocol has been agreed with the trade unions. The approval process has been conducted on the basis of co-determination.

The share transfer is a consequence of Rabobank’s aquisition of Friesland Bank in April 2012, when FBA was owned by a joint venture between Friesland Bank (49%) and Delta Lloyd (51%). Following its acquisition by Rabobank, Friesland Bank purchased Delta Lloyd’s interest in the joint venture. With effect from 31 December 2012, Friesland Bank is transferring all the shares in FBA to Achmea.

Rabobank intends to integrate Friesland Bank’s activities fully into the Rabobank organisation. In parallel with this exercise, FBA’s insurance operations will be transferred to Achmea (more particularly Interpolis) and Rabobank. Customer contact and advisory functions will be provided by local Rabo bank branches.

Friesland Bank Assurantiën was formed in 1970 and is now among the 25 largest insurance intermediaries in the Netherlands. FBA offers a wide range of insurance products for individuals, businesses (including agricultural enterprises), institutions, associations and foundations.

Achmea (17,000 staff) is the largest insurance group in the Netherlands and is known primarily for such strong brands as Interpolis, Centraal Beheer Achmea, Zilveren Kruis Achmea, Avéro Achmea, FBTO and Agis. Achmea was formed in 1811 in the small village of Achlum in Friesland.