Global tensions drive Dutch insurer ASR Nederland to invest in defence

ASR Nederland NV

19/02/2025 11:14

By Jakob Van Calster and Mateusz Rabiega
       Feb 19 (Reuters) - Dutch insurer ASR Nederland
 ASRNL.AS  could invest up to 100 million euros ($104.24
million) per investment case in the country's defence industry,
its CEO said on Wednesday, responding to government efforts to
bolster European defence.
    The government has called for private capital to help build
a stronger European arms industry, as the Ukraine-Russia war has
underlined the threat to European security. At the same time,
the U.S. administration, under the presidency of Donald Trump,
has threatened to withdraw its support for European defence.
    The Netherlands' second-largest insurer said in December it
would consider investing in Dutch defence companies, ending a
long-held policy of avoiding the sector as part of its efforts
towards socially responsible investment.
    "It depends on the opportunity and need. In some cases, it
could be 50 million. In other cases, it could be 100 million,"
ASR CEO Jos Baeten told Reuters when talking about investing in
defence companies.
    He said he was in close contact with the Dutch Ministry of
Defence and mentioned the first investment in the area was a
done deal, adding the company had asked not to be named.
    "It would be naive to think we don't need to invest further
in our own defence," Baeten said, adding Europe needed to stand
together given "the way the new presidency of the U.S. is
treating Europe".
    "France can't do it on their own. Germany can't do it on
their own. The Netherlands can't do it on their own," he said.
($1 = 0.9593 euros)

 (Reporting by Jakob Van Calster and Mateusz Rabiega; editing by
Barbara Lewis)
 ((jakob.vancalster@thomsonreuters.com;
mateusz.rabiega@thomsonreuters.com))