Helvetia and Baloise merge
Keystone-SDA
Swiss insurers Baloise and Helvetia have announced plans to merge into one company, which would make it the second largest Swiss insurance group.
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The new company will be called Helvetia Baloise Holding Ltd, as the two companies announced on Tuesday. With a combined market share of 20%, this will create the second-largest Swiss insurance group and the largest employer in the insurance sector.
The merger is expected to generate annual synergies of around CHF350 million ($431 million) before taxes. In addition, the combined company should generate significantly more cash and the dividend capacity should increase by around 20% by 2029.
The combined business volume totals around CHF20 billion and is spread across eight countries.
Adapted from German by DeepL/jdp
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