Nationale Suisse sells Belgian subsidiaries
Nationale Suisse is selling its subsidiary Nationale Suisse Belgium and two underwriting agencies. This is an important step in its previously announced withdrawal from the Belgian market.
Nationale Suisse sells its subsidiary Nationale Suisse Belgium to the Enstar group. The two underwriting agencies Vander Haeghen & Co and Arena, which focus on specific risk insurances, will join Torus Insurance, the active underwriting company of Enstar. The three companies together generate more than 70 percent of the premium volume of Nationale Suisse in Belgium.
After an in-depth review, Nationale Suisse decided in 2014 that the Belgian market would no longer be regarded as strategic and has now commenced its withdrawal. The sale will become effective once the competent authorities have approved the change of ownership. The total consideration for the transaction will be EUR 33.7 million. As concerns Nationale Suisse Belgium, the restructuring measures linked with this transaction will be implemented by means of a still to be agreed social plan.
After this transaction has been completed, Nationale Suisse will only be represented on the Belgian market through L’Européenne, a company specialising in travel insurance. A strategic review of L’Européenne is still in progress. Furthermore, Nationale Suisse will continue to underwrite art insurance business in Belgium via its subsidiary in Liechtenstein.
Nationale Suisse is an innovative and international Swiss insurance group providing first-rate risk and pension solutions in non-life and life business as well as tailored specialty lines products. Nationale Suisse has been part of the Helvetia Group since October 2014. The plan is to integrate Nationale Suisse fully into Helvetia. The consolidated gross premiums of Nationale Suisse came to CHF 1.5 billion in 2013. The headquarters of Swiss National Insurance Company Ltd are in Basel. The company's stock is listed on SIX Swiss Exchange (NATN). The stock will be delisted as part of the integration of Nationale Suisse into the Helvetia Group. On 30 June 2014, the Nationale Suisse Group employed 1 903 staff (full-time equivalents).
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