The Helvetia Group is set to purchase Basler Versicherungen in Austria, a subsidiary of Baloise Group. In 2013, the Vienna-based company generated a premium volume of EUR135.3 million, of which non-life accounted for EUR105.5million and life for EUR29.8million. Provided that the responsible regulatory authorities grant their approval, the transaction is to be completed in the second half of 2014. The purchase price is EUR130million. Upon completion of the transaction, Helvetia will have expanded its volume in Austria by more than 50percent, and, with its premium volume of approximately EUR400million, will be one of the Top 10 insurance companies.
Strengthened market position and improved efficiency in Austria
In Austria, Helvetia is active in all segments of the life, loss and accident business for private customers and SMEs.It is also a specialised transport insurer. By taking over Basler Versicherungen, Helvetia broadens the range of its Austrian operations. It thus expands its advisory network both in the strong exclusive sales and in agency and broker sales. The consolidation of central services enables further professionalisation and more efficiency. “This acquisition is a significant milestone.We are pleased to welcome the customers and employees of Basler Austria. I am convinced that by combining our skills and talents, we will be successful together”, says Burkhard Gantenbein, Chairman of the Executive Board of Helvetia Austria.
Stefan Loacker, Chief Executive Officer of the Helvetia Group, is also very pleased about this acquisition: “We had waited for a long time for an opportunity to strengthen our position on the Austrian market by means of a suitable acquisition. The merger of two companies whose corporate culture and business understanding are so similar is a godsend. With this step, the Helvetia Group can achieve further growth on a key insurance market and assume an even more attractive positioning for customers, sales partners and employees. We are making good progress on our way to the fulfilment of our ‘Helvetia 2015+’ strategy.”
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