Austria: “Basler” brand name expires by the end of this year
Helvetia has completed the agreed takeover of Basler Versicherungs-Aktiengesellschaft in Austria for EUR 130 million
On 15 May Helvetia has completed the previously announced takeover of the Basler Versicherungs-Aktiengesellschaft in Austria (Basler Österreich). The transaction was completed with the required approval by the FMA (Finanzmarkaufsichtsbehörde) and competition authority by the end of August.
For the agreed purchase price of EUR 130 million Helvetia Versicherungen AG, Vienna (Helvetia Österreich), is the new owner of Basler Österreich. With the completion of this transaction Helvetia expands its volume in Austria by more than 50 per cent. With a premium volume of about EUR 400 million, it its now ranked among the top ten insurance companies.
It is planned to merge Basel Austria with Helvetia Austria in the first half of 2015. The Basler brand name is still used until the end and will then be replaced by “Helvetia”.
As of 1 October 2014 Helvetia Austria will be headed by Otmar Bodner, previously CEO of Basler Austria. By the end of last year the current CEO Burkhard Gantenbein had decided to leave the company in 2014.
The current management team of Helvetia Austria – Jürgen Horstmann (life insurance), Thomas Neusiedler (non-life) and Werner Panhauser (sales) is confirmed and joined by Josef Gutschik (previously CFO Basler Austria) as Chief Financial Officer (1 September 2014). The same board composition becomes effective on 1 September 2014 for the Basel Austria. Gerhard Liegl, previous sales director of Basel Austria, is to take over the management of the agency sales at Helvetia Austria by 1 September 2014.