Basel, By purchasing non-life insurer HDI-Gerling Assurances SA Luxembourg the Baloise Group is about to strengthen its position in the Luxembourg market. The value of the premiums earned by HDI-Gerling Luxembourg, which operates solely in this market, is around CHF 5 million*. This acquisition will provide Bâloise Assurances Luxembourg SA with attractive additional premiums in a highly profitable market.
HDI-Gerling Assurances SA Luxembourg was founded in 1989 and is a pure-play non-life insurer. The Baloise Group is buying the company from HDI-Gerling Industrie Versicherung AG, which is part of the German Talanx Group for an amount in the mid single-digit millions. HDI-Gerling Luxembourg earned premiums worth around CHF 5 million* in 2014. "By acquiring the attractive portfolio held by HDI-Gerling Luxembourg, we are strengthening our highly lucrative non-life business and are gearing up to become one of the top three insurers in Luxembourg," commented Martin Strobel, the Baloise Group's CEO, on the purchase. The deal will also help to further improve Baloise's profitability.
Bâloise Assurances Luxembourg expects its acquisition to be integrated swiftly. All employees of HDI-Gerling Luxembourg will be taken on. The transaction has yet to be approved by the regulatory authorities and is expected to be completed during the second half of this year.
*around 5 million EUR