Baloise strengthens its position in Luxembourg

Basel, Baloise Luxembourg is to purchase the Luxembourg business of the Belgian P&V Assurances insurance company. With this purchase, Baloise will increase the market share of its life and non-life businesses in Luxembourg to more than 10 per cent in each sector, thus significantly strengthening its position in the Luxembourg market.

Martin Strobel, CEO Baloise Group

"With this acquisition, Baloise is consolidating its position in the attractive Luxembourg market", commented Martin Strobel, CEO of the Baloise Group, who is delighted about the deal.

"It also means that we can benefit from synergy effects. For example, we shall be taking over a newly developed IT platform for the non-life business, as well as a strong distribution network", added Romain Braas, CEO of Bâloise Luxembourg.

More than 10 per cent in life and non-life business

Romain Braas, CEO Bâloise Assurances Luxemburg

P&V Assurances operates under the Vivium Assurances brand in Luxembourg's non-life and life sectors with a staff of about 100. In 2012, it generated a premium volume of EUR 26 million (non-life) and EUR 14 million (life). With this acquisition, Baloise is increasing its market share in Luxembourg to more than 10 per cent in both the life and non-life sector. The transaction is subject to the approval of the supervisory authorities and is expected to be completed in the first half of 2014.

Headquartered in Basel, Switzerland, the Baloise Group is a European provider of insurance and pension solutions and has positioned itself as a market player that offers an intelligent 'Safety World' prevention strategy. In Switzerland the Company operates as a focused financial services provider, offering a combination of insurance and banking services. It also has a market presence in Belgium, Germany and Luxembourg. Its distribution network includes its own sales organisation as well as brokers and other partners. The Company uses its competence centre in Luxembourg to run its business in innovative pension products for private customers throughout Europe. Bâloise Holding Ltd shares are listed in the main segment of the SIX Swiss Exchange. The Baloise Group employs some 7,400 people.