Baloise makes further acquisition in the Belgian non-life market

Basel, November 4, 2019. The Baloise Group is acquiring the non-life insurance portfolio of Athora Belgium for EUR 60 million. This transaction follows the acquisition of the Belgian insurer Fidea NV earlier this year and further strengthens the Baloise Group’s position as one of the top four non-life insurers in the attractive Belgian non-life market, especially in the Belgian Walloon region.

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 per cent. 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.