November 20, 2008 | by Nationale Suisse
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November 20, 2008, Hanover-domiciled VHV Group is buying 78,000 shares in Nationale Suisse which were held by the latter as treasury shares. With this transaction, VHV Group and Nationale Suisse are entering into a long-term strategic partnership, with a particular focus on niche business. There will also be synergies in the fields of IT/backoffice and direct marketing.
With the transaction, Nationale Suisse is realising the objective it communicated in September 2008 of minimising its holding of treasury shares by the end of the year. In a first concrete step, the construction insurance line will be fronted on a mutual basis.
"VHV is the ideal partner for Nationale Suisse when it comes to mutually driving forward the international expansion of our niche business quickly and sustainably, particularly in the engineering line of business but also in other specialty lines such as HNWI/Art and marine insurance," says Dr. Hans Künzle, Chief Executive Officer of Nationale Suisse.
Uwe Reuter, Chief Executive Officer of the VHV Group, continues: "Especially in the construction and engineering lines of insurance and in the direct insurance channels, both partners have outstanding know-how which can be mutually leveraged." He adds: "Our entry into this agreement is geared to establishing a long-term, prosperous partnership that can be built upon. The agreement will enable us, in an initial concrete step, to provide our Swiss clients in the construction insurance line with advice and support."
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Conclusion of this article: « VHV Group to purchase 7.4% stake in Nationale Suisse »
Source: Nationale Suisse, Press release