Dutch insurer to explore strategic options for Transamerica Re

Dutch life insurer Aegon intends to explore strategic options for its life reinsurance unit, Transamerica Reinsurance, including finding a suitable buyer for the unit.

The move is part of a range of measures aimed at sharpening Aegon’s focus on its core businesses - life insurance pensions and asset management - which will be unveiled by CEO Alex Wynaendts at Aegon’s analysts and investors conference today.

The company also intends to restructure and refocus its UK business, and is targeting cost reductions of 25% at the unit by the end of 2011.