The Baloise Group, a Switzerland-based provider of insurance and pension solutions, has acquired Avero Schadeverzekering Benelux, a Belgian subsidiary of the Dutch Eureko Group, for approximately EUR75m.
The completion of transaction, which is subject to approval by regulatory authorities, is expected to be completed by the second half of 2010.
According to the Baloise Group, the brand name ‘Avero’ will be used during a short transitional period before being removed from the Belgian market. The offices in Brussels will, however, be retained.
Avero is active in the non life sector and focuses on property and transport insurance areas. It sells its products to around 100,000 private and corporate customers via a network of brokers.
Jan De Meulder, head of international corporate division at Baloise, said: “This acquisition represents another step in our systematic efforts to expand our international business.
“I am looking forward to writing the next chapter of our success story in Belgium together with the employees of Avero, under the direction of our CEO, Gert De Winter.”