OREANDA-NEWS. Nationale Suisse sells its subsidiary Nationale Suisse Belgium to the Enstar group. The two underwriting agencies Vander Haeghen & Co and Arena, which focus on specific risk insurances, will join Torus Insurance, the active underwriting company of Enstar. The three companies together generate more than 70 percent of the premium volume of Nationale Suisse in Belgium.

After an in-depth review, Nationale Suisse decided in 2014 that the Belgian market would no longer be regarded as strategic and has now commenced its withdrawal. The sale will become effective once the competent authorities have approved the change of ownership. The total consideration for the transaction will be EUR 33.7 million. As concerns Nationale Suisse Belgium, the restructuring measures linked with this transaction will be implemented by means of a still to be agreed social plan.

After this transaction has been completed, Nationale Suisse will only be represented on the Belgian market through L’Europ?enne, a company specialising in travel insurance. A strategic review of L’Europ?enne is still in progress. Furthermore, Nationale Suisse will continue to underwrite art insurance business in Belgium via its subsidiary in Liechtenstein.

About the Helvetia Group

Over the past 150 years, the Helvetia Group has developed out of various Swiss and foreign insurance companies into a successful insurance group with a presence throughout Europe. Helvetia now has branches in Switzerland, Germany, Austria, Spain, Italy and France. It also conducts some of its investment and financing operations via subsidiary and fund companies in Luxembourg and Jersey. The Group’s head office is located in the Swiss town of St. Gallen. Helvetia offers life policies, insurance against loss and reinsurance. With around 5,200 employees, it provides services for more than 2.7 million customers. In the 2013 financial year, Helvetia generated net income of CHF 363.8 million on a business volume of CHF 7.5 billion. The registered shares of Helvetia Holding are traded on the SIX Swiss Exchange under the code HELN.

About Nationale Suisse

Nationale Suisse is an innovative and international Swiss insurance group providing attractive risk and pension solutions in the non-life and life segments, as well as customized speciality lines products. Nationale Suisse has been part of the Helvetia Group since October 2014. The plan is to integrate Nationale Suisse fully into Helvetia. The consolidated gross premiums of Nationale Suisse came to CHF 1.5 billion in 2013. The head office of Swiss National Insurance Company Ltd is in Basel. The company's stock is listed on SIX Swiss Exchange (NATN). The stock will be delisted as part of the integration of Nationale Suisse into the Helvetia Group. On 30 June 2014, the Nationale Suisse Group employed 1,903 staff (full-time equivalents).