i-law

Informa Insurance News 24

ING SELLS BELGIAN BROKER UNIT TO P&V

Netherlands-based financial services group ING has agreed to sell its Belgian Broker and employee benefits unit to Belgium-based P&Z Verzekeringen for €750m. ING will book a profit of about €425m on the deal. The deal is expected to close by the end of the year, with ING booking the gain in the second half of 2007, ING said. ING intends to sell in Belgium exclusively through its own retail banks there and, subsequent to the sale, will restructure its remaining insurance operations in Belgium into two separate divisions for life and non-life. The broker and employee benefits units of ING, which employ 840 staff, generated premiums of €699m last year out of total premiums at ING Insurance Belgium of €1.69bn. Meanwhile, ING said today that it is buying back €101.93m worth of its own shares from locally based Fortis Insurance Netherlands. ING said that the deal, representing some 5.55% of ING’s share capital, was unrelated to the company’s ongoing buyback programme.

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, click Log In button.

Copyright © 2025 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.