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Allianz Group has agreed to acquire the legal protection insurance subsidiary DAS Switzerland and assets of DAS Luxembourg and Slovakia from German insurance group ERGO Group AG. The acquisition will strengthen the competitive position of Allianz Suisse, making it one of the top three firms offering legal protection coverage in Switzerland.
The combined premium income from the three ERGO subsidiaries totaled 38 million euros in 2016. The transaction remains subject to regulatory approval. The parties have agreed not to disclose financial details of the transaction.With a premium volume of around 550 million Swiss francs and a growth rate of 5.3 percent in 2016 alone, the market for legal protection insurance in Switzerland is very attractive.
The acquisition of DAS Switzerland will give Allianz Suisse and its subsidiary CAP a leading role in the market, underlining their growth ambitions. CAP is now number four in the Swiss market, with annual premium volume of around 70 million Swiss francs, while DAS Switzerland is in eighth place with a premium volume of approximately 34 million Swiss francs.
Utilizing growth opportunities “Our aim with this merger is to utilize growth opportunities in the non-life business and further strengthen our competitive position. This will enable us to create the best conditions for our customers and place us in an excellent position in this growth market,” says Severin Moser, CEO of Allianz Suisse.
The transaction is scheduled to be completed at the start of April, pending regulatory approval. Details about structures relating to employees, brand identity and sales will be communicated in the coming weeks pending discussions with DAS Switzerland.
The ERGO legal protection insurance branch for Slovakia will be absorbed by the Allianz country subsidiary for Slovakia while the legal protection insurance portfolio of DAS Luxembourg will be ceded to the subsidiary of Allianz Benelux in Luxembourg as part of the transaction, subject to fulfilment of the agreed conditions.
The Allianz Suisse Group has a premium volume of over 3.6 billion Swiss francs, making it one of the leading insurance companies in Switzerland. Its subsidiaries include Allianz Suisse Insurance Company Ltd, Allianz Suisse Life Insurance Company Ltd, CAP Legal Protection Insurance Company Ltd and Quality1 AG. The Alliance Suisse Group’s business activities are in the fields of insurance, pensions and assets. It employs around 3,600 people and is part of the international Allianz Group, which is represented in over 70 countries and on all continents. In 2013, the Allianz Group was ranked a Supersector Leader by the Dow Jones Sustainability Index (DJSI). The company has held leading positions on this world-renowned sustainability index since the year 2000.
In Switzerland, more than a million private individuals and over 100,000 companies in all phases of life and development rely on the advisory services and insurance and pension cover of Allianz Suisse. A dense network of some 120 branch offices ensures that the company is close to its customers in all parts of the country. Allianz Suisse is the official partner of the Swiss Red Cross, Swiss Paralympic and the Swiss Economic Forum (SEF). In addition, Allianz Suisse is title sponsor of the Swiss-wide Allianz Cinema Day and has given its name to the Allianz Cinemas in Zurich, Basel and Lausanne.
The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenues of 122 billion euros and an operating profit of 11 billion euros for the group.
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