Baloise acquires non-life insurance book of Athora Belgium
Baloise is acquiring the Belgian non-life insurance portfolio from Athora Belgium for EUR 60 million, thereby accessing a stronger footprint in the Walloon region and optimally complementing Baloise Belgium’s particularly strong exposure in the Flemish region.
Athora Belgium reported premiums of EUR 152 million in 2018 for its non-life insurance portfolio and an attractive combined ratio of 96.3 percent. The business mix of the portfolio is mostly aimed at the retail and small and medium-sized enterprises business, allowing Baloise to continue delivering on its non-life strategy. With the transaction, Baloise Belgium will take over about 160 employees and more than 360,000 insurance policies.
“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.” – Group CEO Gert De Winter.