FORMER FORTIS INSURANCE UNIT SETS IPO FOR Q2

The Dutch government has announced plans to sell ASR Nederland NV, the former insurance operation of Fortis. The government has confirmed that it will proceed with an Initial Public Offering (IPO) and listing of shares of Utrecht-based ASR on the Amsterdam stock exchange. The offering is expected to commence in the second quarter of 2016. Following the financial crisis, the Dutch government acquired the Dutch entities of the Fortis group in October 2008, splitting off the insurance arm Fortis Verzekeringen Nederland, since renamed ASR. ASR is the fourth largest insurer in the Netherlands with €4.1bn in gross written premiums in 2015.