12 August 2014Insurance

National Suisse supports Helvetia offer

Swiss insurer National Suisse has recommended its shareholders accept a takeover offer by Swiss insurer Helvetia.

The board of directors analysed the takeover offer of Helvetia that was published in a report addressed to the shareholders.

The report concluded that the takeover promises advantages for customers, shareholders and employees alike. Based on a fairness opinion prepared by Bank J. Safra Sarasin, the board judged the offer price to be reasonable and unanimously proposed the acceptance of Helvetia’s offer by the shareholders.

The board said that “a merger between Helvetia and Nationale Suisse will create an insurance group that is built on a solid foundation, combines their mutual strengths and has good chances of success.

“For the employees of Nationale Suisse, a healthy company with a leading position in its home market and an international profile is an attractive employer. Thanks to its solid capitalisation and stable shareholder base, the new insurance group is guaranteed to be a reliable partner for its employees and customers.”

The report said that the takeover means that Helvetia can substantially strengthen its position as the new number three in the Swiss insurance market with a combined premium volume of more than Sfr5 billion.

“There is also a good balance between the Group’s life and non-life business. The foreign operations of the two companies complement one another well and will strengthen the Group’s position in the most important European retail markets with a combined premium volume of around Sfr3 billion. The insurance group born from the merger will generate a premium volume of Sfr9 billion, including the specialty lines business,” added the report.

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