Life insurance company Conservatrix has been declared bankrupt at the request of the Dutch central bank.
Conservatrix did not have sufficient capital to meet its obligations and its 80,000 policyholders now face a rights downgrade, the Financieele Dagblad said on Wednesday.
It is the first time since 1993 that a life insurance company in the Netherlands has gone bust. The insurer has been in the hands of Trier Holding, a Dutch limited company owned by US investment group Global Growth, since 2017.
The central bank said the bankruptcy was inevitable given that Conservatrix did not meet its capital requirements and that an alternative solution did not seem possible. The curators are now looking at a total or partial transfer of policies to another life insurer, the FD said.
As yet is is not clear what the impact of the bankruptcy will be on policyholders, most of whom used Conservatrix to build up a private pension.