NN Group, an international insurance and asset management company, will transfer its Irish reinsurance entity to Canada Life International Re, it was announced this morning.
The group’s wholly-owned entity, NN Re (Ireland), has signed a portfolio transfer agreement that is expected to result in the repatriation of approximately €65 million back to NN Group in the fourth quarter of 2016.
NN Group, which is active in more than 18 countries, said in a release that the portfolio transfer and capital repatriation are expected to result in an after-tax loss of approximately €25 million (approximately €55 million pre-tax).
The agreement is a result of a continuous strategic assessment of NN Group’s portfolio, the company said, adding that the transactions will not impact the group’s reinsurance business in the Netherlands.
NN Re (Ireland) is expected to hand back its reinsurance license as a result of the transfer.
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