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Swiss insurance group Baloise said Tuesday it has acquired Belgian firm Avero for 75 million euros (102.4 million dollars), a move that would strengthen its market position in Belgium.
“With the acquisition of Avero, Baloise will increase the market share of its Belgian non-life business to around five percent, making it the sixth largest non-life business in Belgium,” said the Basel-based company.
The acquisition is expected to be completed by year-end.
Following the deal, the brand name Avero would be gradually removed from the Belgian market, said Baloise.
Avero is active in the non-life segment and has a focus on the property and transport insurance markets.
In 2009, the company with 177 employees recorded a premium volume of 124 million euros.