Baloise to Acquire Athora Belgium’s Non-Life Insurance Business

Transaction Overview

On 11/04/19, Baloise Insurance (“Baloise”) announced the agreement to acquire the non-life insurance business of Athora Belgium for a consideration of €60mm

  • With the transaction, Baloise Belgium will take over about 160 employees and over 360,000 insurance policies
  • The transaction is subject to competition and regulatory approval

Athora Belgium’s non-life insurance business is a former portfolio of Generali Belgium

  • Generali Belgium was acquired by Athora in January, 2019
  • The business mix of the portfolio is mostly aimed at retail and SME businesses
  • The non-life insurance portfolio reported premiums of around €152mm in 2018
    • 2018 combined ratio of 96.3%

Baloise Holding AG is a Swiss insurance group listed on the SIX Swiss Exchange

  • Provides prevention, pension, assistance and insurance solutions in the European market
    • Core markets include Switzerland, Germany, Belgium and Luxembourg
  • In Belgium, Baloise Holding operates under the Baloise Insurance brand
    • Offers a full range of insurance services for individuals and small and medium-sized firms
    • In 2018, Baloise Belgium wrote about €1.5bn of premiums

The transaction is set to strengthen Baloise’s position in the Belgian non-life market

  • Set to make Baloise one of the top four non-life insurers in the Belgian market
  • Strengthens Baloise’s footprint in the Walloon region
    • Complements Baloise Belgium’s strong exposure in the Flemish region

TigerRisk Capital Markets & Advisory Role

TCMA is acting as financial advisor to Baloise Holding AG

  • Assistance in valuation analysis
  • Assistance in business and financial due diligence
  • Advised on the structuring and negotiation of transaction terms
  • Provided objective advice and acted as a sounding board to the buyer throughout the process