Nationale Suisse sells French subsidiary to AXA
In keeping with its niche strategy for its European business, Nationale Suisse is selling its French subsidiary Nationale Suisse Assurances SA to AXA France Assurance SAS.
As part of its European business strategy, Nationale Suisse will concentrate primarily on profitable niche business. As its French subsidiary writes virtually only bulk business and has no prospects of realising a promising niche strategy with good profit potential in the medium term, its life business was already sold in 2006. Through this second transaction, Nationale Suisse is now exiting the French non-life market.
The divested French subsidiary is a multiline insurer with a strong focus on motor insurance business (50.2% of premiums). It wrote a premium volume of EUR 101.5 million in 2006 and currently has a workforce of 125.
Both parties agreed not to disclose details of the transaction. The company expects to receive the approval of the supervisory authorities during the course of the next few months to enable it to successfully conclude the transaction by the end of this year.
Nationale Suisse is an innovative, The headquarters of international Swiss insurer providing Nationale Suisse is in first-rate risk and pension solutions and Basel. Nationale Suisse tailored niche products. The Group has gross is listed on the SWX premiums of CHF 1.74 billion, approximately Swiss Exchange (NATN). 35% of which come from subsidiaries in On 31 December 2006 the Germany, France, Italy, Belgium, Spain and Group employed 2,013 Liechtenstein. persons (1,884 FTEs).
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Nationale Suisse Steinengraben 41 Basel
WKN: 1081197; ISIN: CH0010811971; Index: SMCI, SPI, SPIEX; Listed: Main Market in SWX Swiss Exchange;