THE NETHERLANDS - The second largest Dutch pension fund, PGGM, and Dutch CGNU subsidiary, Delta Lloyd, have axed plans to set up a joint venture insurance firm
The plan was to offer both life and non-life products to employers and employees in the health care and welfare sector under the Careon brand. Careon was to replace the former PGGM Verzekeringen after a ruling in January obliged Dutch pension funds to offer their insurance services as separate entities. The aim of the legislation is to introduce greater competition into the market. Both parties said that the plan was no longer commercially feasible, adding that there were “insufficient grounds to realise a profitable business within a reasonable period.”
The transfer of a majority interest in the main insurance activities of EUR49bn PGGM to Delta Lloyd, will not be effected.
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