ZURICH, April 15 () - Swiss insurer Baloise Holding on Monday said it is acquiring the Belgian insurer Fidea NV for 480 million euros ($543 million) from China'sAnbang Insurance Group to boost its position in the Belgian non-life and life insurance market.
Baloise said the deal will increase its share of the non-life business in Belgium by 1.7 percentage points to 8.5 per cent and its life business by 0.7 percentage points to 4.2 percent.
Baloise is augmenting its business in Europe with its third Belgian takeover in the last decade, while Anbang retreats from a slew of more than $30 billion in deals in recent years to shore up its balance sheet.
"The acquisition and resulting synergies will provide a long-term boost to our growth potential and earnings power," said Baloise Chief Executive Gert De Winter, a Belgian citizen.
With the acquisition of Antwerp-based Fidea, Baloise will employ around 1,600 employees in Belgium.
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