Baloise Acquired Athora Belgium’s Non-Life Insurance Business

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 took over 160 employees and over 360,000 insurance policies
• The transaction officially closed on June 2nd, 2020

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 was 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 helped strengthen Baloise’s position in the Belgian non-life market

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

TCMA acted as financial advisor to Baloise Holding AG by:

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