Nationale Suisse sells Group Life Business to Swiss Life
On January 16, 2011, Schweizerische National Leben AG, a subsidiary of Nationale Suisse, and Swiss Life agreed on the sale of Nationale Suisse's Group Life Business to Swiss Life for an undisclosed price. As of December 31, 2009, the business generated gross written premiums of CHF 223 million and showed insurance technical reserves of CHF 1.55 billion. The transaction is subject to regulatory approvals and is expected to be completed in the first half of 2011.
In addition to the sale and purchase, Nationale Suisse and Swiss Life entered into a mutual distribution agreement by which Nationale Suisse agreed to exclusively distribute Swiss Life group life products to its customers in Switzerland, and Swiss Life agreed to distribute Nationale Suisse non-life products to its customers in Switzerland.
Lenz & Staehelin advises Nationale Suisse in this transaction. The team includes Hans-Jakob Diem (Corporate/Lead), Philipp Jermann (Corporate/Regulatory), Pascal Hinny and Nathanael Frischkopf (both Tax), Marc-Philipp Prinz (Employment) and Felix Prümmer (Antitrust).