The transaction, which obtained required approval of FMA and the Austrian Federal Competition Authority, will boost Helvetia’s volume in the country by over 50%, and, premium volume to nearly 400m.
Under the terms of the deal, which was announced in May 2014, Otmar Bodner, previously CEO of Basler Austria, will assume the post of new chairman of the executive board, effective 1 October 2014. He will succeed Burkhard Gantenbein.
The existing executive board of Helvetia Austria, which comprises Jürgen Horstmann, Thomas Neusiedler and Werner Panhauser will be confirmed and will be supplemented by Josef Gutschik as CFO, the former CFO of Basler Austria.
During the first half of 2015, Basler Austria will be integrated with Helvetia Austria and the combined entity will be rebranded as Helvetia Austria. However, the old name will continue to be used until the end of the year.