Dutch insurer Aegon has announced its US reinsurance business will be sold to French reinsurer SCOR in a deal set to recoup €630m for Aegon and help it pay back the Dutch state.
One of the Netherlands’ most prominent banking groups is seeking to win back investor trust after being forced to accept state aid in 2008. But how will it overcome bad press over bailouts and bonuses, asks Luisa Porritt
Dutch insurer Aegon, which owes an outstanding €0.75bn to the Netherlands government, has followed a move by ING two weeks ago as members of its executive board decide to waive their bonuses.
ING has switched the leadership of its US insurance arm ahead of a planned sale of the business.
Members of the Dutch Parliament on Tuesday 22 March called for bonus payouts to executives at bailed-out institutions in the country to be hit with a 100% tax.
ING Group’s chief executive officer, chief financial officer and chief risk officer waived their bonuses following investor outrage.