Helvetia is expanding its activities in Spain. The Swiss group acquired a majority stake (up to 70%) of the Spanish insurer Caja de Seguros Reunidos (Caser) for the sum of 780 million EUR (873. 492 million USD).
Helvetia intends to finance two thirds of the acquisition by issuing hybrid bonds and one third by issuing new shares. The remaining 30% of the capital remain in the hands of the banks Ibercaja, Unicaja, and Liberbank. With this acquisition, the Swiss group plans to enhance its non-life activities and expand its distribution network in Spain.
Caser reported, in 2018, a turnover of 1.639 billion EUR (1.874 billion USD), 62% of which is accounted for by non-life activities. Its profit amounted to 87 million EUR (99.509 million USD) for the same year. The transaction could be finalized in the first half of 2020.
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