Baloise strengthens position in Luxembourg market

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

The Baloise Group is more than just a traditional insurance company. The changing security, safety and service needs of society in the digital age lie at the heart of its business activities. The 7,400 or so employees of Baloise therefore focus on the wishes of their customers. The best possible customer service, combined with innovative products and services, makes Baloise the first choice for people who want to feel 'simply safe'. Located at the heart of Europe, with its head office in Basel, the Baloise Group is a provider of prevention, pension, assistance and insurance solutions. Its core markets are Switzerland, Germany, Belgium and Luxembourg. In Switzerland, with Baloise Bank SoBa, the Group also operates as a specialised financial services provider, offering a combination of insurance and banking services. The Group offers innovative pension products to retail customers throughout Europe from its competence centre in Luxembourg. Bâloise Holding Ltd shares are listed in the main segment of the SIX Swiss Exchange.