Lifetri Groep acquires funeral insurance company Nuvema
Hilversum, The Netherlands, 12 September 2018
Lifetri Groep is acquiring N.V. Nederlandse Uitvaart Verzekering Maatschappij (Nuvema). Nuvema is a funeral insurance company with approximately 185,000 policyholders in the Netherlands. Following the acquisition, the company will be rebranded as Lifetri Uitvaartverzekeringen (Lifetri), a division of Lifetri Groep. The financial details of the transaction will not be disclosed.
Nuvema is a well-known funeral expenses insurance company that has been operating since 1959. The company is independent and gives policyholders the right to select the funeral home of their choice. Nuvema currently has 50 employees who will be employed by Lifetri following the acquisition. The rights of the policyholders will be fully preserved and protected following the acquisition.
Lifetri Groep is acquiring Nuvema from Conservatrix Groep S.à.r.l. Following the acquisition, Nuvema’s existing reinsurance contract with Heco Reassurantie S.A. will terminate, delivering a strong, well-capitalised group. Lifetri is under the supervision of De Nederlandsche Bank, and the trade name Nuvema will in time be replaced by Lifetri Uitvaartverzekeringen.
Lifetri Uitvaartverzekeringen is, together with Lifetri Verzekeringen, a division of Lifetri Groep, which is owned by TPG Sixth Street Partners, LLC (TSSP). TSSP, which currently has approximately USD 25 billion in assets under management, is the global credit investment platform of TPG, an investment firm based in the United States.
Board of Lifetri
The Board of Directors of Lifetri is comprised of Chief Executive Officer Ingeborg van Hoek and Chief Financial Officer Dick Stoop. The current Board of Directors of Nuvema will step down following the acquisition.
Lifetri Uitvaartverzekeringen is a division of Lifetri Groep. Lifetri is led by Chief Executive Officer Ingeborg van Hoek and Chief Financial Officer Dick Stoop. The company was formed in 2018 and principally operates and manages insurance businesses. Lifetri Groep is wholly-owned by TPG Sixth Street Partners.
TPG Sixth Street Partners
TSSP is the global credit and credit-related investment platform of TPG, the investment firm based in the United States. Co-founded in 2009 by Managing Partner Alan Waxman, TSSP has approximately USD 25 billion in assets under management. TSSP has a long-term oriented, highly flexible capital base that allows it to invest across industries, geographies, capital structures and asset classes. For more information, please visit tpg.com/platforms/tssp
N.V. Nederlandse Uitvaart Verzekering Maatschappij (Nuvema)
N.V. Nederlandse Uitvaart Verzekering Maatschappij (Nuvema) has been operating as an autonomous and independent funeral insurance company in the Dutch market since 1959. The company stems from Stichting Begrafenisfonds Groningen (Funeral Fund Groningen Foundation), which was founded in 1949. Nuvema carries exclusively funeral expenses insurance. Nuvema’s working method is based on the close collaboration with funeral homes in the region. Nuvema has approximately 185,000 policyholders and 50 employees.