Elliott Investment Management Takes Stake in NN Group

February 20, 2020 | Activist Updates, Hedge Funds, News

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.

Related: AT&T and Activist Elliott Management Said to Be in Talks

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News

Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…