Nationale Suisse sells Belgian subsidiaries
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Nationale Suisse /
Nationale Suisse sells Belgian subsidiaries
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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.
Brief profile
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).
Information
Jonas Grossniklaus Nationale Suisse
Media Relations / Investor Relations Steinengraben 41
Phone +41 61 275 28 11 4003 Basel
Fax +41 61 275 22 21 Switzerland
media.relations(at)nationalesuisse.com www.nationalesuisse.com/media-relations
Disclaimer and exclusion of liability
The purpose of this press release is to inform the public about certain events
or developments arising from the company's business. The information published
in this article is not an advertisement, offer or recommendation to engage in
transactions involving securities or other products of Nationale Suisse or any
other type of transaction. This press release may contain certain forward-
looking statements. Even if these forward-looking statements reflect the opinion
and expectations of Nationale Suisse, a number of risks, uncertainties and other
important factors may lead to actual developments and results differing strongly
from the expectations of Nationale Suisse. It is pointed out expressly that the
statements and projections contained in this press release are selective in
nature. Nationale Suisse provides no guarantee, either explicitly or implicitly,
regarding the accuracy and completeness of the statements and forecasts
published in this press release. Neither Nationale Suisse nor its executive
bodies or senior managers accept any liability for any damage or losses arising
directly or indirectly from the use of this press release. Unless otherwise
provided by applicable binding law Nationale Suisse is under no obligation to
update or amend the statements contained in this press release, be it in
response to new information, future events or any other reasons.
Updated post-publication information is available on our website
www.nationalesuisse.com. You may find further details and forecasts about the
business of Nationale Suisse there.
Press release:
http://hugin.info/100296/R/1892204/670254.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nationale Suisse via GlobeNewswire
[HUG#1892204]
Unternehmensinformation / Kurzprofil:
Datum: 06.02.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 369678
Anzahl Zeichen: 5374
contact information:
Town:
Basel
Kategorie:
Business News
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