The Baloise Group, a Switzerland-based provider of insurance and pension solutions, has completed the acquisition of the insurance company Avero Schadeverzekering Benelux in Belgium.

Baloise said that the purchase price amounts to €75m. Avero Schadeverzekering Benelux, a subsidiary of the Dutch Eureko Group, provides insurance products and services for individuals and companies in Belgium.

Avero offers transport, vehicle fleet, material damage and business interruption, third party liability, and engineering insurance products for small, medium, and large business customers.

According to the Baloise, the brand name Avero will be used during the transitional period before being removed from the Belgian market and the offices in Brussels will be retained which enables Baloise to expand services in the country.

The Baloise Group also has a market presence in Germany, Austria, Belgium Luxembourg, Liechtenstein, Croatia and Serbia.