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NL - ING to sell speciality insurance unit to Hal and Egeria

  • Wietske Blees
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ING Group has announced that it intends to sell its speciality insurance unit Nationale Borg to HAL Investments and Egeria as part of its strategy to focus on its core insurance, banking and asset management businesses. The intended sale is subject to works council advice and regulatory approvals and financial details have not been disclosed. The transaction is expected to close in Q1, 2007.

Nationale Borg is a specialist provider of guarantee insurance, including customs bonds, with a leading position in the transportation, construction and logistics sectors in the Netherlands. The company issues bonds and guarantees for clients ensuring they will meet legal or contractual obligations. In addition, the company underwrites credit and surety reinsurance as well as money and fraud insurance. The division has been active for more than 110 years, and has been a subsidiary of ING Group since 1990. The company had total assets of EUR 147.4m at the end of 2005 and posted a net profit of EUR 11.1m last year with a gross written premium of EUR 60.6m. It employs 67 staff, spread across offices in Amsterdam, Antwerp and Willemstad (Curacao).
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