Fortis in $2.6bn US takeover deal

Fortis in $2.6bn US takeover deal

FORTIS, the Benelux-based financial services group, has followed arch- rival Aegon into the United States, announcing a $2.6bn takeover deal for American Bankers Insurance, a leading provider of credit insurance to financial services firms. The deal doubles Fortis' presence in that market, where Fortis is already a major player through its offshoot American Security Group. The firms will have a combined annual gross premium income of $3.6bn. ABI is active in the UK, the Caribbean and Latin America as well as the US.