Global Bankers Insurance Group Acquires NN Life Luxembourg
Global Bankers Insurance Group, the insurance and reinsurance division of Eli Global, in April 2017 acquired Luxembourg insurance company NN Life Luxembourg, a subsidiary of NN Group of The Netherlands.
According to George Luecke, Vice Chairman and Co‐Chief Executive Officer of Global Bankers, the deal is part of their strategic expansion in Europe and follows on the acquisition of a portfolio of in‐force life and annuity insurance policies from Natixis Assurances in France.
The transaction is subject to regulatory approval from Luxembourg’s insurance regulator, Commissariat aux Assurances (CAA) and ought to be closed in the second semester of 2017.
NN is the new brand name of ING’s insurance businesses but NN Life Luxembourg never was ING’s pooling network’s partner in Luxembourg. ING GBN, now AIG Global Benefits Network, has Luxembourg’s second largest domestic insurer La Luxembourgeoise Vie as its partner and the network will remain unaffected by the transaction.