AGER to use Ireland as reinsurance and service hub following Aegon Ireland deal
AGER Bermuda Holding Ltd's acquisition of Aegon Ireland plc for approximately £162 million is a major step in the group's European growth strategy according to executive vice president Deepak Rajan.

AGER, the holding company of Athene Holding Ltd’s European group companies, announced the acquisition of Dublin-based Aegon Ireland plc, a provider of wealth management and retirement planning products to over 25,000 customers in the United Kingdom and Germany headed by Barry Cudmore. The deal is expected to close in the first quarter of 2018. The insurer had assets of approximately £4.7 billion as of 30th June 2017.

'This transaction is another important step toward our goal of becoming the premier European run-off consolidator and life reinsurance partner,' said Rajan. 'We see significant opportunities with Aegon Ireland. This acquisition gives us a strong platform to accumulate Irish annuities, to create a reinsurance hub in Europe, and to provide services to all AGER group companies including our existing German operations. A presence in Ireland has been part of our strategy from the beginning and Aegon Ireland is a perfect fit for our growth plans,' adding that the acquisition enhances the company's ability to provide fleixble solution to the European market.

Ager's advisors on the transaction were Fenchurch Advisory Partners served as financial advisor, Ernst & Young served as actuarial and tax advisor, Linklaters LLP served as international legal counsel, and Maples and Calder served as Irish legal and tax counsel to AGER.
This article appeared in the September 2017 edition.