Helvetia Holding AG and Baloise Holding Ltd. have received the required regulatory clearances to proceed with their planned merger, setting December 5 as the closing date for the transaction.
The Swiss Competition Commission granted approval for the merger, while the European Commission completed its review under the foreign subsidies regulation, according to a statement from Helvetia. Following these developments, the companies have agreed to finalise the deal on December 5, provided all remaining necessary approvals are secured.
Upon completion, Baloise shares will be delisted and traded for the last time on the closing date. The newly issued Helvetia Baloise shares are scheduled to begin trading on December 8. Both boards of directors have confirmed these arrangements.
Earlier in the year, Helvetia reported an increase in first-half profit, with the merger process remaining on schedule for completion in the fourth quarter. “Our strong performance in the first half of 2025 is evidence that we are on the right track with our financial targets,” said chief executive officer Fabian Rupprecht (pictured above).
The merger comes at a time when global insurance M&A activity has slowed. This year, overall deal volumes declined by 2% year-on-year, with insurance carrier-led M&A dropping to its lowest half-year total since the 2008 financial crisis. Only 95 carrier-led deals were completed in the first six months of 2025, compared to 106 in the same period a year earlier and well below the 10-year first-half average of 192.
Analysts attribute the slowdown to high valuations and macroeconomic uncertainty, prompting insurers to favour smaller domestic transactions and capital management initiatives over large-scale deals. Europe, in particular, saw a 4% decrease in deal activity, while the UK experienced a 5% reduction in deal numbers, reflecting broader global trends.
Helvetia and Baloise first announced in April that the merger would result in the creation of Switzerland’s second-largest insurance group. The transaction is structured as a merger by absorption, which both firms described as the most efficient and tax-neutral method for the deal. The combined entity will operate under the name Helvetia Baloise Holding Ltd.
Rupprecht noted that the merger remains the primary focus for both organisations. He said, “We are well on track and confident that we will be able to merge into one of Europe’s largest insurers in the fourth quarter of 2025 as planned.”
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