ING divests NRG to Columbia Insurance Company

Jun 17, 2008 (Datamonitor via COMTEX) -- BRK/A | Quote | Chart | News | PowerRating -- ING Group has completed the sale of its reinsurance unit Nederlandse Reassurantie Groep to Columbia Insurance Company, a subsidiary of Berkshire Hathaway.

ING has announced the sale of Nederlandse Reassurantie Groep (NRG) in December 2007 as part of its strategy to focus on its core businesses in banking, investments, life insurance and retirement services.

Columbia has paid ING a total consideration of E272 million. The sale has resulted in a total capital loss for ING of E144 million after tax. The proceeds of the sale have a positive effect on ING's spare leverage of approximately E170 million.

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