The Baloise Group has acquired Belgian insurer Fidea NV for a purchase price of 544 million Swiss francs. The seller is the Chinese status, to anbang Insurance Group.
The transaction subject to approval by the relevant Supervisory and competition authorities and is expected to be completed in the second half of 2019, with shared Baloise on Monday.
Fidea scored according to the figures, in 2018, a premium volume of 351,6 million francs, with more than two-thirds of the premiums from the non life business. Fidea, the focus in Not primarily on the growth segments in the area of private customer business and business with small and medium-sized enterprises. Fidea has its corporate headquarters in Antwerp and has approximately 360 employees, will be taken according to the message.
With the purchase, the market share of the Swiss increase by 1.7 percentage points to a new 8.5 percent in the Belgian non-life business. Baloise to lock in Belgium in order to the Top 4 in the area of life. With a share of 37 per cent of the total volume of the Belgian non-life business was about the same size as the Swiss. In the life business, the market share increases with the Acquisition by 0.7 percentage points to 4.2 percent.
The Baloise is under the brand name of “Baloise Insurance” in Belgium. In the year 2018, it achieved a business volume of CHF 1.7 billion and a profit before borrowing costs and taxes (Ebit) of CHF 199 million. Including Fidea Baloise in Belgium will employ approximately 1,600 people. (amu/sda)
Created: 15.04.2019, 10:11 PM
