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Helvetia successfully concludes the acquisition of Caser

Helvetia has completed the acquisition of Spanish insurer Caser announced in January. The acquisition will further strengthen the European business as a second pillar of the Group, significantly expand the attractive non-life business and increase the company's distribution capabilities in Spain.
26.06.2020
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Herzog & de Meuron Basel Ltd. / Helvetia Versicherungen / Erweiterungsbau West St. Gallen / Extension of Head Office, West Wing, St. Gallen, Switzerland
Helvetia Insurance has concluded the acquisition of a majority holding of 69.4% in Spanish insurer Caser (Caja de Seguros Reunidos, Compañia de Seguros y Reaseguros S.A.). In terms of its business volume, the acquisition is the largest in the history of Helvetia and represents a strategic milestone for the company. Together with Caser, Helvetia has more than 11,500 employees, over seven million customers and a business volume of over CHF 10 billion. With premium income in the non-life business of around EUR 1 billion in 2019, Caser will significantly strengthen this attractive business area throughout the entire Helvetia Group. Helvetia will also open up valuable new sales channels for itself in the area of bank distribution, as Caser will continue its distribution agreements with Ibercaja, Unicaja, Liberbank and other banks. The strategic distribution partners will retain a stake of around 30% in Caser.
 
Financing mix ensures continued solid capitalisation
The purchase price for the stake acquired by Helvetia amounts to around EUR 800 million. Helvetia has financed two thirds of the acquisition through the issue of a hybrid bond and one third through the issue of new shares. This financing mix will allow for efficient capital management and contribute to ensuring a balanced capital base. For example, the SST ratio still remains within the strategic target range of 180% to 240%.
 
Successful strategy of Caser being continued
Caser will continue to operate with its existing, excellently established brand on the Spanish market. "With this acquisition, Helvetia is strengthening the European business, its second strong pillar alongside the Swiss home market. High investor demand for the recent capital increase and the placement of a hybrid bond underlines the trust people have in our successful strategy", explains Philipp Gmür, Group CEO of Helvetia.
 
 
This media release is also available on our website www.helvetia.com/media.

Contact information
Analysts
Susanne Tengler
Head of Investor Relations
 
Phone: +41 58 280 57 79
investor.relations@helvetia.ch
Media
Jonas Grossniklaus
Senior Manager Corporate Communications & PR
 
Phone: +41 58 280 50 33
media.relations@helvetia.ch
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