Baloise sells old insurance portfolio in Germany

The portfolio has been closed to new business since 2018, the company said. Financial details are not disclosed.

The Baloise insurance company sells a former portfolio of hospital civil liability insurance in Germany. The portfolio has been closed to new business since 2018, the company said in a statement Monday. Financial details are not disclosed.

Baloise sold a run-off portfolio to Bothnia International Insurance Company, a subsidiary of Bermuda-based Compre. This term refers to insurance policies terminated, but for which the insurer remains committed until the settlement of all claims.

The sale includes the entire hospital liability insurance portfolio of Basler Sachversicherung in Germany, with provisions amounting to approximately 200 million euros. Customer follow-up continues to be provided by Ecclesia Gruppe Assekuranz Service in Germany.

Baloise intends to close the transaction in the second half of the year, subject to obtaining the agreement of the German Federal Financial Supervisory Authority (BaFin).

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