Winterthur has confirmed the sale of its health insurance business Wincare to Sanitas having completed the necessary regulatory processes. At the same time, the two companies have signed a sales agreement which will allow Winterthur to continue to offer health insurance products for private individuals.
The official completion of the deal ends a three month divestment process that started on March 14, 2006 when Winterthur first announced the sale. However, with the approval of the relevant authorities, the acquisition of Wincare by Sanitas becomes retroactively effective as of January 1, 2006.
The successful divestment will allow Winterthur to further its strategic plan to optimize its business portfolio in Switzerland by reducing the complexity of its operations, the Swiss insurer said in a statement.
Winterthur has also reached a sales cooperation agreement with Sanitas which will enable the Swiss insurer to continue to offer clients private insurance through a process of referral.