Horizon Capital has sold its entire stake in Ukranian life insurance company Fidem Life to Dutch asset management company Aegon.

The transaction is expected to be completed during the first quarter of 2013.

Fidem Life will be renamed Aegon Ukraine and integrated into the governance and management structure of Aegon Central & Eastern Europe. Aegon, which has been active in the region since 1992, agreed to acquire Fidem Life to strengthen its position in the developing Central and Eastern European markets.

Hague-based EEGF II acquired Fidem Life in 2010. Horizon currently manages three funds: Emerging Europe Growth Fund II (EEGF II), Emerging Europe Growth Fund (EEGF) and Western NIS Enterprise Fund (WNISEF), with more than $600m under management overall.

Company
Founded in 2003 and based in Kiev, Fidem Life (formerly Fortis Life Insurance Ukraine) provides its clients with all types of life insurance products, including long-term endowment insurance, pension insurance, credit life insurance, term, as well as accident and health insurance. Fidem Life is a member of the LIOU (League of Insurance Organizations of Ukraine), Ukrainian Insurance Federation, American Chamber of Commerce in Ukraine and European Business Association.

In the first half of 2012, the company managed to increase the volume of gross written premiums by 130% compared to H1 2011.

People
Natalie A Jaresko is CEO and founding partner at Horizon. Gábor Kepecs is the CEO of Aegon CEE and a member of Aegon's management board. Gijs Jeuken is the CEO of Fidem Life.