Helvetia and Baloise have agreed to merge, forming Helvetia Baloise Holding AG, which will become Switzerland's second-largest insurance group and one of the ten largest insurers in Europe. The combined entity will have a business volume of 20 billion Swiss francs, operate in eight countries including Germany, France, Italy, Spain, Belgium, Austria, and Luxembourg, and hold a 20% market share in Switzerland. The merger is structured as an absorption of Baloise by Helvetia, resulting in the dissolution of Baloise. Shareholders of Baloise will receive 1.0119 new Helvetia shares for each Baloise share they own. The board of directors will consist of 14 members, equally split between the two companies, with Thomas von Planta, currently chairman of Baloise, set to become chairman of the new group, and Helvetia CEO Fabian Rupprecht to serve as CEO. The headquarters will be in Basel, with Helvetia's St. Gallen site remaining an important location. The new logo will be based on Baloise's design. The merger is expected to generate annual cost synergies of approximately 350 million Swiss francs before taxes, with integration costs estimated at 500 to 600 million francs, mostly to be invested by 2028. The transaction is subject to shareholder and regulatory approval, with extraordinary general meetings scheduled for May 23, 2025, and completion targeted for the fourth quarter of 2025. The new entity will employ around 22,000 people, with some job reductions anticipated primarily through natural attrition and early retirement in overlapping areas. Major shareholder Patria Genossenschaft, which holds 34.1% of Helvetia's capital, has already pledged support for the merger. The combined group expects to increase its dividend distribution capacity by about 20% by 2029. Gross premiums will total 8.6 billion francs in life insurance and 11.5 billion francs in non-life insurance.