Eureko and Baloise sign agreement on Avéro Insurance, Belgium
Eureko and Baloise today announce that they have signed an agreement which will lead to the sale and purchase of Avéro Insurance in Belgium. The selling price amounts to 75 million euros, and closing of the deal is foreseen in the second half of 2010. Finalisation of the transaction is subject to approval by the regulatory authorities. Avéro has 177 employees and achieved a premium volume of 124 million euros in 2009.
Baloise is one of Switzerland’s largest insurers and present in 8 countries in Europe: Switzerland, Germany, Belgium, Luxembourg, Austria, Liechtenstein, Croatia and Serbia. Avéro Insurance fits well within the strategy of Baloise, aiming at a more firm position in the Belgian insurance market. For Eureko, the sale of Avéro Insurance fits within the company’s earlier communicated international strategy.
Thomas van Rijckevorsel, member of Eureko’s Executive Board and responsible for international operations: “With the sale of Avéro to Baloise we have created the best perspective for all parties, enabling Avéro Insurance to fully develop its core competences. In combination with Mercator, Baloise’s Belgian subsidiary, Avéro will be able to obtain a more solid market position.”
Further information, please contact:
Bert Rensen, Press Officer Eureko
Phone: +31 65 163 57 28
Gül Poslu, Investor Relations Officer Eureko
Phone: +31 62 097 17 58
Eureko is an unlisted leading insurance group that besides its home country The Netherlands, is also active in ten other European countries. Our core business is insurance – life, non-life and health – and services relating to pensions. Building on our cooperative roots, Eureko’s mission is to achieve balanced value creation for all stakeholders: customers, distribution partners, shareholders and employees. Over 2009 Eureko realised gross written premiums of almost 20 billion euros with about 28,000 employees.
About Avéro Insurance
Avéro is active in the nonlife sector and focuses primarily on the property and transport insurance areas. It holds a market share of 13% in the transport sector. It sells its products to more than 100,000 private and corporate customers exclusively via a network of brokers. In 2009, Avéro achieved a premium volume of 124 million euros. It has 177 employees.