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AMSTERDAMAviva P.L.C. is to spin off its Dutch health insurance subsidiaries into a new company, created through a merger with two other health providers. Amsterdam, Netherlands-based Delta Lloyd Group, the Dutch subsidiary of Aviva, is to merge its health insurance subsidiaries, Delta Lloyd and OHRA Health, with Agis Health Insurance, Menzis Health and Income Insurance.
The merged entity, which will operate under the name DAM Health Insurance Group, is expected to have four million customers and a 25% share of the Dutch health insurance market.
Under the terms of the deal, Delta Lloyd has acquired a 31% stake in DAM Health Insurance Group, in exchange for its healthcare businesses, which had net assets of £180 million ($342 million) as at June 30, 2006. Delta Lloyd will also gain the exclusive rights to cross sell life and general insurance to the customers of DAM Health Insurance Group, and provide asset management services.
The transaction is subject to consultation and agreement with the relevant regulators, shareholders, member councils and consultative bodies, Aviva said in a statement. The joint venture is expected to be in place on January 2 next year and control of the joint venture will transfer to the new executive board shortly afterwards.