Dutch insurance company ASR Nederland NV (asr) has reached an agreement with BOVAG to acquire 100% of the insurance business of Bovemij NV (Bovemij) for 185 million euros in cash.
Founded in 1963, Bovemij specializes in providing insurance and related services to the mobility industry. By 2024, total premium income from insurance activities will be approximately 400 million euros.
In the distribution of insurance products, BOVAG and asr will each hold a 50% stake in the newly established joint venture.
Customers will continue to receive advice and distribution services through the trusted Bovemij and ENRA brands.
The impact of the transaction on ASR’s Solvency II ratio is expected to be approximately 3.5 percentage points. The transaction exceeded the minimum return requirement of >12% on invested capital.
With the acquisition of Bovemij’s insurance business, asr strengthens its position as a non-life insurance company and gains a strong foothold in the mobile sector through the established Bovemij and ENRA brands.
For Bovemij and ENRA’s clients, the acquisition brings enhanced expertise and capabilities to meet the growing demand for customized insurance solutions in the rapidly evolving mobility market, while maintaining familiar service levels and brand image. BOVAG’s ongoing involvement will ensure industry-specific knowledge and close links to the real needs of mobile businesses.
Jos Baeten, CEO of asr, said: “We are pleased with this transaction, which is in line with our growth strategy and contributes to a sustainable partnership with BOVAG. Bovemij is a strong player with a rich history and extensive expertise in the mobility sector. By working together, we can serve our customers even better with innovative products and services. For employees, this is an opportunity to combine knowledge and experience and build a future-oriented organization together. We look forward to welcoming Bovemij in the near future. of employees and customers come to asr.”
Christianne van der Wal, Chairman of BOVAG, added: “This strategic partnership is an important step for the mobility sector. By bringing together the knowledge, experience and strengths of BOVAG and asr, we create a strong foundation for sustainable growth and innovative solutions for our members. We recognize the impact this change will have on our colleagues in the Bovemij Group. Together we will ensure a prudent transition.”
The acquisition is subject to approval by the Dutch Consumer and Markets Authority, a declaration of no objection from ABN Amro and a consultation process with the Works Council. The transaction is expected to close in the second half of 2026.
