NETHERLANDS – Zwitserleven, the Dutch subsidiary of Swiss insurer Swiss Life, is to take over the portfolio of the insurance fund for civil servants of the Dutch central bank (DNB).

The fund, or Verzekeringsfonds, was founded in 1886 and oversees E72m in insured capital, mainly life insurance policies. The fund’s annual premium income is E2.5m.

Paul van Sluijs, chairman of the fund, told the Dutch media the move was triggered by a lack in scale. He said the sale was necessary because of increasingly strict solvability- and financial reporting rules as laid down in the new accounting standard IFRS.

In a statement, Zwitserleven said the acquisition would be effective as of January 1, provided DNB, which is also the pensions watchdog, approves of the move. No financial details were released.