Heat puts new pressure on Switzerland’s resilience, says Swiss Re Institute
Switzerland has built strong resilience to floods, storms and other natural hazards. Swiss Re Institute analysis shows that extreme heat is putting that resilience to the test, as the country warms more than twice as fast as the global average according to Swiss Academy of Sciences.[1] Heat can act as a risk amplifier affecting health, agriculture, water, energy and infrastructure while increasing the potential for natural hazards such as floods. Within the context of its new Resilient Switzerland initiative, which aims to foster a shared understanding of risk to help strengthen Switzerland’s resilience, Swiss Re’s inaugural Schweizer Resilienz-Tag on 26 June 2026 will bring together key public and private stakeholders to discuss practical responses and local adaptation measures to extreme heat.
Gianfranco Lot, Swiss Re’s Country President Switzerland, said: “Switzerland is well prepared for floods and storms. But heat is a different kind of risk: less visible, harder to insure, and able to amplify risks the country already manages well. For heat, resilience means shade on the street, cool rooms in care facilities, safer hours for outdoor work and risk sharing where losses cannot be prevented.”
Climate data show that Switzerland now experiences about 10 to 15 hot days a year, defined as days when the daily maximum temperature reaches 30°C or more, compared with about five in 1990. Cities are particularly exposed: Swiss cities warm faster during the day and cool down more slowly at night, with temperatures reaching up to 6°C higher than in surrounding rural areas. Prolonged heat and tropical nights, when temperatures do not fall below 20°C, make it harder for buildings to cool down and for people to recover.
The human impact may be less obvious than damaged buildings or flooded cellars, but it can be severe. Extreme heat raises the risk of heatstroke, dehydration, cardiovascular strain and aggravated respiratory illness, particularly among elderly people and people with pre-existing conditions. The 2003 European heatwave increased Swiss mortality by about 1.5% that year, showing how quickly heat can affect health and put pressure on care systems.
Heat also changes familiar natural-hazard risks. Flood remains Switzerland’s main insured natural-catastrophe risk, accounting for around 60% of average annual insured exposure-normalised losses, Swiss Re Institute data show. After periods of intense heat, dry soils are less able to absorb water, increasing flash-flood potential when heavy rain falls. Drought can leave crops more vulnerable to hail damage, while rising temperatures and thawing permafrost can destabilise Alpine slopes. The Blatten rock and ice avalanche in May 2025 caused an insured loss of CHF 320 million and illustrates how chronic change can already influence the risk landscape associated with severe loss events today.
Local action determines heat resilience
Switzerland already has important foundations in place, including heat warnings, city heat indicators and protection measures for vulnerable people. Because many homes, schools, care facilities and workplaces were designed for cooler conditions, adaptation has to happen locally, involving municipalities, health services, infrastructure operators and emergency planners, and others.
Across Swiss communities, adaptation is already taking shape through land-use planning, redesigned public spaces, more shade and water, unsealed surfaces and heat-conscious urban development. The Schweizer Resilienz-Tag, hosted by Swiss Re on 26 June 2026 at its Centre for Global Dialogue in Rüschlikon, will examine how local responses and respective enabling factors can strengthen resilience to extreme heat.
The event is part of Swiss Re’s Resilient Switzerland Initiative and will bring together municipalities, cantons, the federal administration, science, business, civil society and the re/insurance sector to strengthen risk understanding, local implementation and multi-stakeholder cooperation on extreme heat.
[1] Die Schweiz im Klimawandel: Rasches Handeln bietet viele Vorteile. Swiss Academy of Sciences, 2026.
Baloise and Helvetia join forces to create the second largest insurance group in Switzerland and a leading European insurer
Baloise and Helvetia announce intention to join forces in a merger of equals
Creating the second largest Swiss insurance group with a combined market share of ~20% and largest insurance employer in Switzerland
Generating approx. CHF 350 million run-rate pre-tax cost synergies before policyholder participation in addition to existing cost efficiency plans
Meaningfully enhancing cash generation; dividend capacity to increase by approx. 20% by financial year 2029
Similar culture, values, and vision, as well as balanced governance approach facilitating a seamless integration
The Boards of Directors of Baloise Holding Ltd (“Baloise”) and Helvetia Holding Ltd (“Helvetia”), two leading Swiss composite insurance groups, propose to form “Helvetia Baloise Holding Ltd” (“Helvetia Baloise” or the “Group”) by way of a merger of equals. With a business volume of CHF 20 billion across 8 countries and a global Specialty business, Helvetia Baloise will become the second largest insurance group in Switzerland and a leading European insurer. The high degree of cultural and strategic alignment offers a unique opportunity for a seamless integration, strengthening the Group for a new chapter of focused, yield-oriented growth. The merger is expected to generate run-rate pre-tax cost synergies of approximately CHF 350 million before policyholder participation, in addition to existing cost efficiency programmes, enhancing the distribution capacity and creating significant value for all its stakeholders.
Key terms
Merger structure and exchange ratio
Merger of equals based on at-market reference prices
Merger structure: Baloise merges into Helvetia. The Group will be listed on the SIX Swiss Exchange under the new name “Helvetia Baloise Holding Ltd” and will trade under the ticker symbol “HBAN”
Fixed share exchange ratio1 of 1.0119 Helvetia shares for each Baloise share
Leadership and governance framework
Board of Directors: comprised of 14 members consisting of 7 from Baloise and 7 from Helvetia; Chairman: Thomas von Planta (Chairman of Baloise’s Board of Directors); Vice-Chairman: Ivo Furrer (member of Helvetia’s Board of Directors)2
Group Executive Board: key members include CEO: Fabian Rupprecht (CEO of Helvetia); Deputy CEO and Head of Integration: Michael Müller (CEO of Baloise); CFO: Matthias Henny (from Baloise); CIO: André Keller (from Helvetia)3
The headquarters and registered domicile will be in Basel; Helvetia’s current headquarters in St. Gallen will remain an important location
The new logo will follow the design of Baloise’s logo
Approval process
Subject to approval from Baloise and Helvetia shareholders; support from Helvetia anchor shareholder Patria Genossenschaft confirmed
Customary regulatory and anti-trust approvals
Anticipated closing in Q4 2025
1) Reflecting adjustment for proposed dividends2) Detailed information on the composition of the Board of Directors can be found in the shareholders’ brochure on the planned merger on the websites of both companies3) Detailed information on the composition of the Group Executive Board can be found in the shareholders’ brochure on the planned merger on the websites of both companies
A significant milestone in the Swiss insurance industry
Thomas von Planta, Chairman of Baloise Holding Ltd, says: “The merger to form Helvetia Baloise is a significant milestone in the history of the Swiss insurance industry. It’s the next logical step for both companies in delivering against their respective strategies to become a leading European insurer and the second largest Swiss insurance group. The transaction will ensure the long-term attractiveness and competitiveness of the two long-standing Swiss companies in the local and international insurance market and generate superior value for customers, partners, employees, the public and shareholders.”
Thomas Schmuckli, Chairman of Helvetia Holding Ltd, adds: “Leveraging our strong positioning in the market, we as two medium-sized listed insurance groups can tackle future challenges together supported by increased scale, improved profitability and a highly attractive value proposition for all our stakeholders. This merger is not just a strategic move; it is a commitment to our values and vision for a sustainable future. We are confident that Switzerland, as a business location, our customers, partners, employees and shareholders will benefit from this decision. Together, we are stronger and better equipped to drive growth in the future.”
Pro forma combined figures (unaudited)
In CHF million as of December 31, 2024
Helvetia
Baloise
Helvetia Baloise4
Premiums Written Life5Premiums Written Non-LifeTotal Business Volume
4,1287,42511,553
4,4844,120 8,604
8,61111,54520,156
Net income attributable to shareholdersCombined ratio
48295%
38593%
86794%
Shareholders’ equity6Dividend payout7
3,660355
3,630371
7,290726
4) Presented pro-forma combined figures are highly preliminary and represent the aggregated, unadjusted figures of Helvetia and Baloise5) Including Deposits Life6) Excluding non-controlling interests and preference shares7) FY 2024 based on the “dividend payout proposed to the respective Annual General Meeting in 2025” times the “number of shares issued”
Strategic rationale: leverage strategic advantages for growth and innovation
The merger will create a leading composite insurance group in both Switzerland and Europe with more than 22,000 employees and a combined CHF 8.6 billion in gross premiums8 in the Life business and CHF 11.5 billion in the Non-Life business.
In its home market Switzerland, Helvetia Baloise will become the second largest insurance group in terms of overall business volume, reaching a market share of ~20% across all business lines (Life and Non-Life). It will also be the largest insurance employer. Beyond Switzerland, Helvetia Baloise will become a leading insurer with attractive positions in its European markets of Germany, France, Italy, Spain, Belgium, Austria, and Luxembourg as well as in its global Specialty business. The merger will combine similar strategies and leverage complementary strengths with a full suite of innovative insurance products and financial services.
The similar scale, complementary markets, and high synergy potential make this transaction a unique opportunity for sustainable value creation. Strong cultural alignment, rooted in both companies’ 160-year histories in Switzerland, provides the best possible condition for a successful integration.
8) Including Life deposits
Significant synergies with attractive value creation
The merger is expected to create approximately CHF 350 million pre-tax cost synergies, before policyholder participation, in addition to current cost efficiency plans, of which ~80% is projected to be realised by 2028. To achieve the cost synergy targets, total integration costs of approximately CHF 500-600 million in the coming years are expected, most of which are foreseen to be incurred by 2028. As a result, additional cash generation9 of ~CHF 220 million on a run-rate basis and ~20% dividend capacity uplift by financial year 2029 compared to current standalone consensus forecasts and extrapolations are expected.
Helvetia Baloise will benefit from a very strong solvency capital position with an estimated SST ratio of more than 240% as of 1 January 2025. Additional upside from capital and revenue synergies will materialise over time.
Any merger-related job reductions in countries where there is duplication will be implemented before 2029 and shall be achieved by natural attrition and early retirement whenever possible. Helvetia Baloise is committed to managing this process in a socially responsible manner with fairness and support for the people affected.
9) Post-tax and net of impact from policyholder participation and profit-sharing mechanism
Strong commitment to customers, partners, and employees
Helvetia Baloise is deeply committed to its customers, partners, and employees, ensuring that their needs and aspirations are at the forefront of their business. The merger will significantly improve customer proximity by expanding the companies’ capabilities and enlarging their individual distribution networks, allowing the Group to serve its joint customers more efficiently and effectively. By leveraging complementary strengths and best practices, the Group will further enhance its customer service. The strong cultural alignment is further strengthened by a dedicated management team, which will ensure that Helvetia Baloise is led in the long-term interests of its customers, partners, employees and shareholders.
Fabian Rupprecht, CEO of Helvetia says: “We are very excited about this amazing opportunity to build a European insurance leader with strong Swiss roots. Helvetia Baloise will become the largest employer in the Swiss insurance industry with the greatest possible proximity to customers. This, coupled with the combined expertise of two players that each have been successful for over 160 years, are key factors for future success and sustainable value generation for all our stakeholders.”
Michael Müller, CEO of Baloise concludes: “The complementary strengths of the two companies make Helvetia Baloise a relevant insurance and finance partner with Swiss roots and a strong market presence in Europe. The merger adds gravity in our markets and unlocks a new era and opportunities to deliver focused, yield-oriented growth to our shareholders. This is a unique chance to consolidate our position as a leading European insurance and financial services provider.”
Boards of Directors of Baloise and Helvetia propose to their shareholders to approve the merger
The parties have concluded that a merger of equals by way of absorption is the most efficient and tax-neutral transaction structure. The combined entity will be renamed “Helvetia Baloise Holding Ltd”. As part of the merger, Baloise shareholders will receive 1.0119 new Helvetia shares for each Baloise share10. The share exchange ratio was determined based on the volume-weighted average prices (VWAP) of the shares of both companies over the last 30 trading days preceding the announcement. In its independent fairness opinion to the two Boards of Directors, IFBC has confirmed that the exchange ratio is fair and appropriate from a financial point of view. The fairness opinion is available here.
The Boards of Directors of both companies will propose that their shareholders approve the merger at the respective Extraordinary General Meetings, which are planned on 23 May 2025. Patria Genossenschaft, the largest shareholder of Helvetia, which currently holds 34.1% of the share capital of Helvetia, has already committed to vote in favour of the merger.
The merger agreement, the joint merger report, the report of the joint merger auditor, the fairness opinion, all dated 21 April 2025, as well as a shareholders’ brochure on the planned merger will be available for inspection at the registered offices of both Baloise and Helvetia as of today. The annual reports of the last three years of both companies will also be available.These documents can also be viewed and downloaded from the websites of the two companies at www.baloise.com/merger and www.helvetia.com/merger-documents.
10) Exchange ratio reflecting adjustment for proposed dividends
Next steps
25 April 2025
Ordinary Annual General Meetings of Baloise and Helvetia
23 May 2025
Extraordinary General Meetings of Baloise and Helvetia
Q4 2025
Closing of the transaction, subject to obtaining all required regulatory approvals
The transaction is expected to close in Q4 2025 and is subject to customary regulatory and anti-trust approvals as well as the approval of the two Extraordinary General Meetings. Each company will distribute ordinary dividends related to their full-year 2024 results subject to approval by shareholders at their respective Annual General Meetings. Baloise’s share buy-back programme will not be implemented, provided that the merger is approved by the shareholders at the Extraordinary General Meetings.
The current statutory auditor of Helvetia, KPMG, Zurich, is to remain in its position for a transitional period following the completion of the merger. The parties intend to re-tender the audit mandate by 2027 at the latest, in view of the election of the statutory auditor at the Annual General Meeting in 2028.
Morgan Stanley & Co. International plc is acting as lead financial advisor and Lenz & Staehelin served as legal advisor to Baloise in connection with this transaction. UBS also acted as financial advisor to Baloise. J.P. Morgan Securities plc is acting as exclusive financial advisor and Walder Wyss is acting as legal advisor to Helvetia.
Societe Generale signs two exclusive agreements to sell its private banking’s subsidiaries in the United Kingdom and Switzerland
Societe Generale has signed agreements with Union Bancaire Privée, UBP SA (UBP), a Swiss bank specialised in wealth and asset management, for the sale of SG Kleinwort Hambros and Societe Generale Private Banking Suisse operating respectively in the United Kingdom and Switzerland.
These sales are part of the execution of Societe Generale’s strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base. Societe Generale intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, to support its high-net-worth clients thanks to its expertise and recognised services.
The assets under management of the businesses covered by these agreements amount to almost €25 billion at the end of December 2023. These transactions would be structured as sales of relevant legal entities. They would be implemented at a total price of around EUR 900 million including equity with a positive impact of around 10 basis points on the Group’s CET1 ratio, on the expected completion dates which could take place by the end of the first quarter of 2025. (1)
According to the commitments made in these agreements, UBP would take over all activities operated by SG Kleinwort Hambros and Societe Generale Private Banking Suisse, as well as all client portfolios and employees within these entities.
These two divestment projects are subject to the applicable social procedures, the usual conditions precedent and to approval by the relevant financial and regulatory authorities.
(1)Unaudited figures
HDI Global appoints new Lead Cyber Underwriter for branch office in Switzerland
HDI Global SE is delighted to announce the appointment of a new Lead Cyber Underwriter for its branch office in Switzerland. With effect from 1 July 2022, Alexander Tlili has taken up this important position for the German industrial insurer at its Swiss location in Zurich. His predecessor, Christian La Fontaine, has held the position of Head Customer, Distribution & Marketing since 1 March 2022.
Most recently, Alexander Tlili worked as a Senior Cyber Broker for international major customers at the Swiss location of a leading insurance broker. Prior to that, he proved his underwriting expertise at two big Swiss insurance companies. Alexander holds a masters’ degree in business administration from the University of Zurich.
“We are delighted to have recruited Alexander as an experienced cyber underwriter who will drive forward our cyber line in Switzerland during a dynamic market phase, and in the context of a complex and challenging risk landscape.”
Meike RölleckeHead Cyber & Financial Lines of HDI Global SE from Hannover
In his function as Lead Cyber Underwriter of HDI Switzerland, Alexander Tlili will report to Ana Sesar [Ana Sesar LinkedIn Profile], Head Specialties. She is looking forward to the cooperation and commented: “Alexander brings a huge wealth of experience to our Cyber Team. This places us in an ideal position to meet the upcoming challenges in a dynamic market.”
HDI Global appoints Ana Sesar as the new Head of Specialties Insurance in Switzerland
HDI Global SE has appointed Ana Sesar as the new Head of Specialties at the branch office in Switzerland. In her new role, Ana is a Member of the Management Team of the industrial insurer in Switzerland and will be responsible for Financial Lines, Cyber, Warranty & Indemnity, Kidnap & Ransom, Crisis Management, Aviation and Corporate Travel.
Ana Sesar has been working at HDI Global for ten years and has a wealth of robust experience in D&O and Financial Lines. Previously, Ana worked at Kessler & Co AG for 14 years, including a six-year stint in Financial Lines.
Ana took responsibility for her new portfolio with effect from 1 March 2022 and took over the functions from Stephan Roth, who is now working in the role of Expert Underwriting Specialties within the Specialties Department.
“Ana contributes precisely the skillset we need in order to successfully develop our strategically important Specialties area.”Marc Luginbühl, CEO HDI Global Switzerland
“This change in staff demonstrates that we are able to draw on talented members of our team for appointments to key positions. It bears testimony to the fact that our long-term talent management is working very well, and we are continuing to build up our pool of high-flyers. This enables us to guarantee a streamlined and frictionless change in generation within leadership roles. At the same time, this successful talent management forms the foundation on which we intend to expand our position as Underwriting Champion in Swiss industrial insurance. We are truly grateful to Stephan for his immense commitment over the past years and we are delighted that we can continue to rely on his expertise and dedication.”
Barclays appoints Sven Baumann as Head of Investment Banking, Germany, Austria, Switzerland
Barclays Investment Bank announced the appointment of Sven Baumann as Head of Investment Banking for Germany, Austria and Switzerland (DACH).
Mr Baumann will provide leadership and strategic direction for Barclays’ Investment Banking business in the DACH region, working closely with Ingrid Hengster, who joined the bank as Country CEO for Germany this week.
Mr Baumann joins Barclays from Citigroup where he has spent the past seven years. Most recently he has been leading their investment banking franchise in Germany and was also responsible for coverage of a wide set of clients including financial sponsors, technology, healthcare and consumer clients across the DACH region. Before Citi, Mr Baumann was at Bank of America Merrill Lynch for three years where he was a Managing Director focused on advising private equity firms on European investments, in particular investments in German-speaking Europe. Prior to that, he spent 10 years at Deutsche Bank where he joined as an Associate and worked his way up the ranks to Managing Director, holding a number of M&A and coverage roles.
Pier Luigi Colizzi, Head of Investment Banking, Continental Europe, and Co-Head of M&A, EMEA, commented: “As the largest market in Continental Europe, Germany represents significant opportunity for Barclays. Sven’s extensive investment banking experience coupled with his strong local market knowledge will generate great value for our clients.”
Ingrid Hengster commented: “Sven’s appointment further advances our investment plan in Germany and I look forward to working with him to accelerate the growth of our Investment Banking business here and across the DACH region.”
Mr Baumann’s appointment follows the hire of Ingrid Hengster, and Anthony Samengo-Turner, Head of M&A for DACH who joined the platform last year. When Mr Baumann joins Barclays in April, he will be based in Frankfurt and will report to Pier Luigi Colizzi.
Renato Costantini appointed new General Counsel of Credit Suisse (Switzerland) Ltd.
Renato Costantini has been appointed as the new General Counsel of Credit Suisse (Switzerland) Ltd. In this role, he will also be a member of the Executive Board of Credit Suisse (Switzerland) Ltd. and of the Management Committee of the Swiss Universal Bank division.
After studying law at the University of Zurich, Renato Costantini was admitted to the Swiss Bar Association and later gained a PhD from the University of Lucerne. He began his career in 2002 at the Zurich District Court. After many years as an attorney with Niederer Kraft & Frey, where he specialized in banking and financial law, he joined Credit Suisse in 2011, where he has held various senior positions within the General Counsel unit – most recently as Head of Legal Products & Wealth Planning and as Head of Legal Trading, Brokerage, Custody & Payments at Credit Suisse in Switzerland.
44-year-old Costantini succeeds Thomas Grotzer, who has served as interim Global Head of Compliance of Credit Suisse Group AG since April 6, 2021.