Baloise

Type
Merger/Acquisition
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
220 jobs
Number of planned job losses
Job loss
Announcement Date
13 May 2009
Employment effect (start)
Foreseen end date

Description

The Swiss insurer Baloise, which in May 2009 reported a 4.7% increase in profits in the first business quarter, intends to become one of the leading European insurance companies. To meet this objective, Baloise German subsidiaries Deutscher Ring Leben, Deutscher Ring Sach and Basler Versicherungen shall be merged. Management was merged in 2008, and Baloise will now also merge the distribution units. 230 out of 800 full-time jobs in Germany will be cut.

Sources

  • 13 May 2009: Financial Times Deutschland

Citation

Eurofound (2009), Baloise, Merger/Acquisition in Germany, factsheet number 68889, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68889.