Baloise Group acquires Athora Belgium

Written by Michael Griffiths

04/11/2019

The Baloise Group has announced it is acquiring the non-life insurance portfolio of Athora Belgium for €60m.

The transaction, which follows the acquisition of the Belgian insurer Fidea NV earlier this year, further strengthens the Baloise Group’s position as one of the top four non-life insurers in the Belgian market – particularly in the Walloon region.

In Belgium, the Baloise Group operates under the Baloise Insurance brand, and offers a full range of insurance services for individuals, as well as small and medium-sized firms, through a country-wide network of brokers.

Baloise Group CEO, Gert De Winter, said: “With the acquisition of Fidea earlier this year and now the non-life portfolio of Athora Belgium, in 2019 we have been able to take advantage of attractive market opportunities aimed at making our Belgian operations even stronger.

“This is a further step in our strategy to continue to grow in Belgium, in particular in the attractive segments within non-life insurance.”

Athora Belgium reported premiums of €152m in 2018 for its non-life insurance portfolio, and a combined ratio of 96.3%.

With the transaction, Baloise Belgium will take over about 160 employees and more than 360,000 insurance policies.

Including Fidea and with the latest addition of Athora Belgium, the Baloise Group will have a total of around 1,750 employees in Belgium.

Baloise Belgium CEO, Henk Janssen, added: “Athora Belgium’s non-life operations are highly complementary to our existing activities. The acquisition of this portfolio will not only significantly increase our market exposure in the Walloon region, but also expand our distribution model of independent brokers.”

The transaction has yet to be approved by the relevant competition and regulatory authorities but is expected to be completed in the second quarter of 2020.

Related Articles