Swiss insurer Baloise Group has agreed to purchase Belgian insurer Fidea NV from the Chinese Anbang Insurance Group in a transaction valued at approximately €480m.

The acquirer noted that the takeover will boost share of the attractive non-life business in Belgium by 1.7 percentage points to 8.5% and making it one of the leading non-life insurers in the Belgian market.

The acquisition will increase market share by 0.7 percentage points to 4.2% in the life business.

For 2018, Fidea posted insurance premiums of CHF351.6m, more than two thirds of which were contributed by the non-life business.

Based in Antwerp, Fidea employs approximately 360 people, who will be absorbed by Baloise as per the terms of the deal.

In May 2015, Fidea was purchased by Anbang for €369m from JC Flowers.

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Commetning on the acquisition, Baloise group CEO Gert De Winter said: “The acquisition of Fidea fits perfectly with our Simply Safe strategy, both in terms of strengthening the core business in our focus markets and the highly innovative and experimental approach to digitalisation. T

“The acquisition and resulting synergies will provide a long-term boost to our growth potential and earnings power and give us additional market share in the attractive Belgian market.”

Baloise Insurance Belgium CEO Henk Janssen said: “I am pleased that this acquisition – our third in Belgium in the last ten years – will enable us to add market share and expand the existing sales network.

“Baloise Insurance is a preferred partner of customers and brokers. Together with our new colleagues, we will be able to serve the market even more effectively and win over even more customers and partners for our services.”

Pending receipt of approvals from the relevant competition and regulatory authorities, the transaction is scheduled to be completed during the second half of this year.

Baloise Group provides a number of insurance services for individuals and  small and medium-sized firms in Belgium under the ‘Baloise Insurance’ brand.