Swiss composite insurance groups, Helvetia and Baloise have announced their intention to join forces in a merger of equals, proposing the formation of “Helvetia Baloise Holding Ltd”.
The proposed entity will create the second-largest insurance group in Switzerland, with a combined market share of approximately 20% and a business volume of CHF 20 billion across eight countries.
The union will also establish the largest insurance employer in Switzerland, according to the announcement.
Strong cultural and strategic alignment between the two well-established companies presents a unique opportunity to create a stronger, more competitive entity poised for focused and yield-oriented growth through a seamless integration process, the firms stated.
The merger is expected to generate run-rate pre-tax cost synergies of approximately CHF 350 million before policyholder participation, in addition to existing cost efficiency programmes, enhancing the distribution capacity and creating significant value for all its stakeholders.
Helvetia Baloise Board of Directors will be comprised of 14 members consisting of seven from Helvetia and seven from Baloise
Thomas von Planta, current Chairman of Baloise’s Board of Directors, was named the new Group Chairman, and Ivo Furrer, member of Helvetia’s Board of Directors, was appointed Vice-Chairman.
Key members of the Group Executive Board will include CEO Fabian Rupprecht (CEO of Helvetia), Deputy CEO and Head of Integration, Michael Müller (CEO of Baloise), CFO Matthias Henny (from Baloise), and CIO André Keller (Helvetia).
von Planta, Chairman of Baloise Holding Ltd, commented: “The merger to form Helvetia Baloise is a significant milestone in the history of the Swiss insurance industry. It’s the next logical step for both companies in delivering against their respective strategies to become a leading European insurer and the second largest Swiss insurance group.
“The transaction will ensure the long-term attractiveness and competitiveness of the two long-standing Swiss companies in the local and international insurance market and generate superior value for customers, partners, employees, the public and shareholders.”
The new Group will be headquartered in Basel, Switzerland, while Helvetia’s current headquarters in St. Gallen will remain an important location.
The merger is expected to close in the fourth quarter of 2025, subject to approval from Helvetia and Baloise shareholders and customary regulatory and anti-trust approvals. Support from Helvetia anchor shareholder Patria Genossenschaft was confirmed.
Thomas Schmuckli, Chairman of Helvetia Holding Ltd, said: “Leveraging our strong positioning in the market, we as two medium-sized listed insurance groups can tackle future challenges together supported by increased scale, improved profitability and a highly attractive value proposition for all our stakeholders.
“This merger is not just a strategic move; it is a commitment to our values and vision for a sustainable future. We are confident that Switzerland, as a business location, our customers, partners, employees and shareholders will benefit from this decision. Together, we are stronger and better equipped to drive growth in the future.”
