AEGON to buy US life specialistPosted On: Nov. 2, 2006 12:00 AM CST
THE HAGUE, NetherlandsAEGON N.V. has signed an agreement to acquire Clark, Inc., a North Barrington, Illinois-based company specializing in the sale of corporate-owned and bank-owned life insurance and other benefit programs, for approximately $293 million.
AEGON has made a cash offer for the shares of Clark for $16.55 per share. The transaction is expected to close early in the first quarter of 2007, subject to normal closing requirements.
Corporate-owned and bank-owned life insurance is marketed to institutional clients to fund their long-term employee benefit liabilities, such as post-retirement medical plans and executive compensation plans. AEGON has provided insurance products in this market for more than a decade.
According to the Netherlands-based company, the acquisition of Clark Inc. is in line with its strategy to expand into businesses that offer profitable growth and further expand its multi-channel distribution capability.