Insurer Baloise buys Belgian Avero for €75m

7/20/2010 12:40:02 PM

ZURICH, - Swiss insurance group Baloise said Tuesday it has acquired Belgian firm Avero for €75 million ($102.4 million), a move that would strengthen its market position in Belgium. "With the acquisition of Avero, Baloise will increase the market share of its Belgian non-life business to around five percent, making it the sixth largest non-life business in Belgium," said the Basel-based company. The acquisition is expected to be completed by year-end. Following the deal, the brand name Avero would be gradually removed from the Belgian market, said Baloise. Avero is active in the non-life segment and has a focus on the property and transport insurance markets. In 2009, the company with 177 employees recorded a premium volume of €124 million.

AFP