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Company News

Dutch insurer Aegon sells Transamerica "Pyramid" building for $650 mln

AMSTERDAM, Oct 29 (Reuters) - Dutch insurer Aegon NV said on Thursday it has agreed to sell the “Pyramid”, a landmark building complex on San Francisco’s skyline, for $650 million, to shore up its solvency.

Aegon described the purchaser as a joint venture under the leadership of real estate developer Michael Shvo.

The building, also known as the Transamerica building, will remain on the logo of Aegon’s U.S. Transamerica insurance business.

“Transamerica had this building built and owned it since its completion in 1972,” said Aegon CEO Lard Friese. “I’m proud that we will remain associated with this iconic building, as we will retain the name and brand rights.”

Aegon said the sale would lead to a 4% rise in its solvency under Europe’s Solvency II regime.

Reporting by Toby Sterling; editing by Uttaresh.V

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