Winterthur Group, part of Credit Suisse, is selling parts of its domestic health insurance business to Swiss health insurer, Sanitas, in a CHF289 million transaction.

The components concerned are Wincare Versicherungen and Wincare Zusatzversicherungen, as well as the individual health and accident insurance business.

Philippe Egger, head of Winterthur’s market unit in Switzerland, explained that the sale was motivated by a lack of synergy between the health insurance unit and its other business fields.

Winterthur says it will remain active in Swiss group health insurance.

Otto Bitterli, CEO of Sanitas, commented: With this acquisition of Wincare, Sanitas is underscoring its growth strategy and positioning itself as the most important health insurance partner in the private sector. Clients and staff alike will benefit from a long-term outlook.