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Elliott Management has disclosed a 3% stake in Dutch insurance company NN Group and advised the company to sell off assets in a bid to create shareholder value.

Paul Singer’s fund is working alongside Dieter Wemmer, former CEO of insurer Allianz. Elliott said the two parties will work to unlock the “material and sustainable value creation opportunity that exists at the company,” in a statement seen by Bloomberg.

The activist said that it has already “engaged in constructive dialogue” with NN Group’s board and remains optimistic over “continued private engagement.”

Bloomberg reported that Elliott is pushing NN Group to consider a range of strategic alternatives to its operations, including asset sales and cost cutting in an attempt to improve profitability, the news agency said, citing people familiar with the situation.

The Dutch firm owns several operations that include life insurance, pension management, and asset management practices.

Elliott has been active in Dutch companies before with stakes in asset manager Intertrust, chemical firm AkzoNobel, and semiconductor firm ASM International. Elliott did have shares in another semiconductor firm, NXP Semiconductors, but has since exited the firm, according to Activist Insight Online. The activist’s campaign to push Akzo to sell itself to U.S. peer PPG Industries ended in failure, although the firm agreed to pursue a spinoff.

Shares in NN Group were up 1.5% to 37.31 euros per share at 10:20 a.m. Central European Time.