The Swiss insurance company Baloise takes over its Belgian counterpart Fidea from the Chinese Anbang Insurance Group. The deal has a value of 480 million euros.

Fidea is active in the field of non-life and life insurance. According to the annual report, Anbang paid around 369 million euros for Fidea in 2015, where around 360 people work. The insurance company Ageas and bank and insurance company Argenta had also made an offer for Fidea. Baloise will employ approximately 1,600 people in Belgium after the acquisition. The acquisition must be completed in the second half of the year.

Last year it appeared that Anbang wanted to get rid of its insurance subsidiary. The parent company of the Dutch insurance company Vivat was placed under guardianship. According to the Chinese authorities, Anbang was engaged in illegal activities that also endangered the group’s financial position.

Insiders recently told Het Financieele Dagblad that several parties are on to the next round in the sales process around Vivat. This would include insurers NN Group and Aegon, who in turn collaborate with investors. Nothing is known about the position of insurance company ASR, which would also have made a non-binding offer.

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