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a new name to remember: helvetia baloise. baloise and helvetia are merging to form the second-largest insurance group in switzerland. the merger is expected to generate financial synergies, boost dividend capacity, and lead to personnel consequences. major shake-up in swiss insurance: baloise and helvetia are merging. with a combined business volume of 20 billion swiss francs in eight countries and a combined market share of around 20 percent in switzerland, the merger will create the country's second-largest insurance group (after zurich), according to a press release issued on monday morning. with more than 22,000 employees, the new company will even be the largest employer in the industry. the merger is expected to generate annual «run-rate» synergies of around 350 million francs before taxes and policyholder participation. in addition to the existing cost-efficiency plans, it is set to significantly boost cash generation and increase dividend capacity by around 20 percent for the 2029 financial year. gread cultural proximity – and more distance from cevian? «the close cultural proximity and the similar strategic orientation of both companies» are described as «the best prerequisites for a smooth integration». for baloise in particular, the merger is likely to be a liberating blow with regard to the uncomfortable major shareholder cevian. the merger will be carried out at market value, with baloise being absorbed into helvetia at an exchange ratio of 1.0119 helvetia shares for each baloise share. the group will be listed on the six swiss exchange under the new name «helvetia baloise holding ag» and traded under the stock symbol «hban». basler prevail on the question of headquarters and logo. the new company's headquarters will be in basel, while helvetia's current base in st. gallen will remain an important location. the logo will be modeled after baloise's. the board of directors will consist of seven members each from baloise and helvetia. the thomas von planta, currently chairman of baloise, will become chairman of the new entity, with ivo furrer, a helvetia board member, serving as vice chairman. fabian rupprecht, formerly ceo of helvetia will assume the role of ceo. michael müller, previously ceo of baloise, will serve as deputy ceo and head of integration. matthias henny (formerly of baloise) will be appointed cfo, while andré keller (formerly of helvetia) will become cio. departures at helvetia. two key executives will resign from helvetia, although the company emphasized to finews.ch that the departures are unrelated to the merger. annelis lüscher hämmerli, group cfo since 2020, will step down from the group executive management by the end of april 2026 at the latest, at her own request, to focus on her existing and new mandates outside helvetia, according to separate press release. bernhard kaufmann, group chief risk officer (cro) at helvetia, has also decided to leave the company to return to the reinsurance industry. he will join swiss re, as group cro, the reinsurer announced on monday. he will therefore leave helvetia's group executive management as of september 30, 2025. extraordinary general meeting as early as may. the merger still requires approval from the shareholders of baloise and helvetia, with extraordinary general meetings scheduled for on may 23, just over a month after this week's ordinary ones. the patria genossenschaft, helvetia's largest shareholder, supports the merger. regulatory and antitrust approvals are also required. the transaction is expected to be completed in the fourth quarter of 2025. the merger is expected to generate cost synergies «of around 350 million francs before taxes and before policyholder participation, of which around 80 percent is expected to be realized by 2028». however, integration costs totaling 500 to 600 million francs will also be incurred in the coming years. added value for customers, business partners, employees, the public, shareholders – and switzerland as a whole. thomas von planta comments from baloise's perspective: «the merger marks the next logical step for both companies as they pursue their strategies to become a leading european insurer and the second-largest insurance group in switzerland. the transaction will sustainably improve the attractiveness and competitiveness of the two long-established swiss insurers - both nationally and internationally - and create significant added value for customers, business partners, employees, the public and shareholders.». thomas schmuckli, chairman of the board of directors of helvetia holding ag, added: «the merger is not only a strategic step forward, but also a commitment to our values and our vision for a sustainable future. switzerland as a business location, our customers, business partners, employees and shareholders will benefit from this decision. together, we are stronger and better positioned to drive future growth.». baloise is being advised on the transaction by morgan stanley as financial advisor and lenz & staehelin as legal advisor. ubs is also acting as financial advisor to baloise. for helvetia, j.p. morgan is acting as financial advisor and walder wyss as legal advisor.
A New Name to Remember: Helvetia Baloise
Baloise and Helvetia are merging to form the second-largest insurance group in Switzerland. The merger is expected to generate financial synergies, boost dividend capacity, and lead to personnel consequences.
Major shake-up in Swiss insurance: Baloise and Helvetia are merging. With a combined business volume of 20 billion Swiss francs in eight countries and a combined market share of around 20 percent in Switzerland, the merger will create the country's second-largest insurance group (after Zurich), according to a press release issued on Monday morning. With more than 22,000 employees, the new company will even be the largest employer in the industry.
The merger is expected to generate annual «run-rate» synergies of around 350 million francs before taxes and policyholder participation. In addition to the existing cost-efficiency plans, it is set to significantly boost cash generation and increase dividend capacity by around 20 percent for the 2029 financial year.
Gread Cultural Proximity – And More Distance from Cevian?
«The close cultural proximity and the similar strategic orientation of both companies» are described as «the best prerequisites for a smooth integration». For Baloise in particular, the merger is likely to be a liberating blow with regard to the uncomfortable major shareholder Cevian.
The merger will be carried out at market value, with Baloise being absorbed into Helvetia at an exchange ratio of 1.0119 Helvetia shares for each Baloise share. The Group will be listed on the SIX Swiss Exchange under the new name «Helvetia Baloise Holding AG» and traded under the stock symbol «HBAN».
Basler Prevail on the Question of Headquarters and Logo
The new company's headquarters will be in Basel, while Helvetia's current base in St. Gallen will remain an important location. The logo will be modeled after Baloise's.
The Board of Directors will consist of seven members each from Baloise and Helvetia. The Thomas von Planta, currently Chairman of Baloise, will become Chairman of the new entity, with Ivo Furrer, a Helvetia board member, serving as Vice Chairman. Fabian Rupprecht, formerly CEO of Helvetia will assume the role of CEO. Michael Müller, previously CEO of Baloise, will serve as Deputy CEO and Head of Integration. Matthias Henny (formerly of Baloise) will be appointed CFO, while André Keller (formerly of Helvetia) will become CIO.
Departures at Helvetia
Two key executives will resign from Helvetia, although the company emphasized to finews.ch that the departures are unrelated to the merger. Annelis Lüscher Hämmerli, Group CFO since 2020, will step down from the Group Executive Management by the end of April 2026 at the latest, at her own request, to focus on her existing and new mandates outside Helvetia, according to separate press release.
Bernhard Kaufmann, Group Chief Risk Officer (CRO) at Helvetia, has also decided to leave the company to return to the reinsurance industry. He will join Swiss Re, as Group CRO, the reinsurer announced on Monday. He will therefore leave Helvetia's Group Executive Management as of September 30, 2025.
Extraordinary General Meeting as early as May
The merger still requires approval from the shareholders of Baloise and Helvetia, with extraordinary general meetings scheduled for on May 23, just over a month after this week's ordinary ones. The Patria Genossenschaft, Helvetia's largest shareholder, supports the merger. Regulatory and antitrust approvals are also required. The transaction is expected to be completed in the fourth quarter of 2025.
The merger is expected to generate cost synergies «of around 350 million francs before taxes and before policyholder participation, of which around 80 percent is expected to be realized by 2028». However, integration costs totaling 500 to 600 million francs will also be incurred in the coming years.
Added Value for Customers, Business Partners, Employees, the Public, Shareholders – and Switzerland as a Whole
Thomas von Planta comments from Baloise's perspective: «The merger marks the next logical step for both companies as they pursue their strategies to become a leading European insurer and the second-largest insurance group in Switzerland. The transaction will sustainably improve the attractiveness and competitiveness of the two long-established Swiss insurers - both nationally and internationally - and create significant added value for customers, business partners, employees, the public and shareholders.»
Thomas Schmuckli, Chairman of the Board of Directors of Helvetia Holding AG, added: «The merger is not only a strategic step forward, but also a commitment to our values and our vision for a sustainable future. Switzerland as a business location, our customers, business partners, employees and shareholders will benefit from this decision. Together, we are stronger and better positioned to drive future growth.»
Baloise is being advised on the transaction by Morgan Stanley as financial advisor and Lenz & Staehelin as legal advisor. UBS is also acting as financial advisor to Baloise. For Helvetia, J.P. Morgan is acting as financial advisor and Walder Wyss as legal advisor.