Elliott Investment Management has built a 3.04% stake in Dutch insurer NN Group (OTCMKTS: NNGRY), according to a filing with AFM this week.

Paul Singer’s hedge fund said that the investment is a reflection that it believes “in the material and sustainable value-creation opportunity that exists at the company.”

Under rules with the Dutch regulator, companies must file when they breach the 3% ownership level.

Elliott Investment Management Targets NN Group

The hedge fund is teaming with Allianz’s former CFO Dieter Wemmer, who has made his own personal investment in the firm. The two said that they have had a valuable dialogue with the firm’s management team. The news comes a week after NN Group announced plans to purchase 250 million euros in company shares and hike its dividend. The company also reported stronger profits in 2019 thanks to a boost to its CHP insurance business lines. Operating profits surged 25% during the final quarter of 2019.

NN Group has been boosting its market share across the country since its spinoff from ING in 2014. It has been buying up rivals since that spinoff.  In 2017, the firm purchased Delta Lloyd. It purchased Vivat from Anbang for 416 million euros last year.

This isn’t Elliott’s first push into the Netherlands. The activist hedge fund attempted to force Akzo Nobel, a paint manufacturer, to accept a takeover offer from PPG Industries.

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