ASR Nederland
Encyclopedia
ASR Nederland is a major Dutch
insurance group based in Utrecht
. The company was created in its current form in 2008 when the insurance business was split out of Fortis
, after it was acquired by the Dutch government during the Financial crisis of 2007-2010. The Dutch government revived the old name that had been used prior to the acquisition by Fortis in 2000 for the newly structured company.
(which dates back 1720) and ETI Amersfoortse insurance companies. The new name ASR was based on a combination of initials of Amersfoort and Stad Rotterdam.
In 2000, Fortis
acquired ASR insurance and merged it with its other insurance business to form Fortis ASR. At that time the other insurances business included the insurers Amev, Ardanta and Falcon (which included Interlloyd en VSB-leven).
In 2008 the insurance component became government owned when the Dutch Government took control of Fortis
to prevent the bank and insurer succumbing to the Financial crisis of 2007–2010.
On November 21, 2008 the Dutch Finance Minister
, Wouter Bos announced that they would spin off Fortis Insurance Nederland NV using the revived name of ASR Nederland NV.
Fortis Corporate Insurance was sold separately and did form part of ASR Nederland. The Belgium insurance business of Fortis was not part of this process and that business was split by the Belgium government to create the insurance company Ageas
.
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
insurance group based in Utrecht
Utrecht
Utrecht is a city in the Netherlands.The name may also refer to:* Utrecht , of which Utrecht is the capital* Utrecht , including the city of Utrecht* Bishopric of Utrecht* Roman Catholic Archdiocese of Utrecht...
. The company was created in its current form in 2008 when the insurance business was split out of Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
, after it was acquired by the Dutch government during the Financial crisis of 2007-2010. The Dutch government revived the old name that had been used prior to the acquisition by Fortis in 2000 for the newly structured company.
History
The original ASR insurance company was formed in 1997 after the merger of Stad Rotterdam VerzekeringenStad Rotterdam Verzekeringen
Stad Rotterdam Verzekeringen was the name of a Dutch insurance company, founded in 1720. Until the merger with Fortis it was the oldest European mainland insurance company, at that time only Lloyd's of London was older. The full name of the original company was "Maatschappij ter discontering ende...
(which dates back 1720) and ETI Amersfoortse insurance companies. The new name ASR was based on a combination of initials of Amersfoort and Stad Rotterdam.
In 2000, Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
acquired ASR insurance and merged it with its other insurance business to form Fortis ASR. At that time the other insurances business included the insurers Amev, Ardanta and Falcon (which included Interlloyd en VSB-leven).
In 2008 the insurance component became government owned when the Dutch Government took control of Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
to prevent the bank and insurer succumbing to the Financial crisis of 2007–2010.
On November 21, 2008 the Dutch Finance Minister
Ministry of Finance (Netherlands)
The Ministry of Finance is the Dutch ministry of finance: it is occupied with the national budget, taxation and financial economic policy, including supervision of financial markets...
, Wouter Bos announced that they would spin off Fortis Insurance Nederland NV using the revived name of ASR Nederland NV.
Fortis Corporate Insurance was sold separately and did form part of ASR Nederland. The Belgium insurance business of Fortis was not part of this process and that business was split by the Belgium government to create the insurance company Ageas
Ageas
Ageas N.V./S.A. is a multinational insurance company headquartered in Brussels, Belgium and Utrecht, Netherlands. Ageas is Belgium's largest insurer and operates in 14 countries worldwide...
.