Nationale Suisse to sell Belgian travel insurance portfolio

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Nationale Suisse is selling the travel insurance portfolio of its Belgian subsidiary L'Européenne to Mapfre Asistencia, thus completing its announced withdrawal from the direct insurance market in Belgium.

Nationale Suisse is selling the travel insurance portfolio of its Belgian subsidiary L'Européenne (Compagnie Européenne d'Assurance des Marchandises et des Bagages S.A, Brussels) to Mapfre Asistencia, a company of the Spanish Mapfre insurance group. With premiums of EUR 25 million, the portfolio generates about 30 percent of the premium volume of Nationale Suisse in Belgium. As part of the transaction, Mapfre Asistencia will be taking over the 16 employees assigned to the travel insurance portfolio. Subject to the approval of the authorities, the transaction will be completed by means of a portfolio transfer in the first half of 2015. The parties have agreed not to disclose the purchase price.

Withdrawal from Belgium completed
With the previously announced sale of the subsidiary Nationale Suisse Belgium together with its two underwriting agencies Vander Haeghen & C° and Arena to the Enstar Group, the sale of L'Européenne's travel insurance portfolio marks the completion of Nationale Suisse's withdrawal from the Belgian direct insurance market.

Nationale Suisse will continue to underwrite art risks in Belgium via its Liechtenstein-based subsidiary in future. 

  
Brief profile
Nationale Suisse is an innovative and international Swiss insurance group providing first-rate risk and pension solutions in non-life and life business as well as tailored specialty lines products. Nationale Suisse has been part of the Helvetia Group since October 2014. The plan is to integrate Nationale Suisse fully into Helvetia. The consolidated gross premiums of Nationale Suisse came to CHF 1.5 billion in 2013. The headquarters of Swiss National Insurance Company Ltd are in Basel. The company's stock is listed on SIX Swiss Exchange (NATN). The stock will be delisted as part of the integration of Nationale Suisse into the Helvetia Group. On 30 June 2014, the Nationale Suisse Group employed 1 903 staff (full-time equivalents).