Insurance operations to transfer to Delta Lloyd joint venture
Dutch bank ABN Amro has agreed to sell its commercial broking operation to global broker Aon.
The bank will also transfer its insurance operations for small- and medium-sized businesses to ABN AMRO Verzekeringen –a joint venture between ABN Amro and Delta Lloyd. ABN owns 49% of the venture and Delta Lloyd 51%.
ABN Amro’s commercial insurance employs 270 people full-time. Of these 70 will transfer to Aon and 116 to the ABN AMRO Verzekeringen joint venture.
ABN Amro said that while the remaining employees would remain at the bank if possible, it could not guarantee that no jobs would be lost.
ABN Amro said the sale of the broking and insurance operations was prompted by a strategic reorientation at the company, which is in keeping with the general trend towards greater separation of insurance and banking activities.
“We have successfully teamed up with ABN Amro Verzekeringen for a great many years now, offering services to small and medium-sized businesses,” said Berend Dinkla, marketing and products director at ABN Amro’s commercial and merchant banking segment. “Aon has proven to be a strong, solid organisation that promises to deliver and further develop high-quality insurance products for corporate clients.”