Gothaer Insurance successful: merger with Barmenia in sight

Gothaer Insurance successful: merger with Barmenia in sight

Cologne-based Gothaer Versicherung concluded last year successfully despite difficult geopolitical and economic conditions. Premiums rose by 7.2 percent to 4.9 billion euros, which corresponds to significantly stronger growth compared to the market. In particular, the property and casualty business and the corporate customer segment recorded increases of 12 percent and 14 percent, respectively. In the area of ​​health insurance, Gothaer was also able to record growth of 5.6 percent, with full and supplementary insurance recording premium increases of 6 percent and 4.4 percent, respectively.

In contrast, the life insurance business remained less attractive due to the increased interest rates for single premiums. Premium income fell by 2.6 percent, but Gothaer was still above market levels. According to CEO Oliver Schoeller, the planned merger with Wuppertaler Barmenia is on track after the Federal Cartel Office approved the merger. Both companies have concluded a business combination agreement to advance the legal and economic implementation of the merger.

The merger is expected to be registered in the Cologne commercial register at the end of August 2024 and be completed by the end of September or beginning of October. The joint company will then operate as Barmenia.Gothaer Finanzholding AG. This move marks the first major merger in the industry in almost 20 years. With the merger, both insurers climbed to tenth place in the German insurance industry; previously Gothaer was in 14th place and Barmenia was in 21st place. It is planned that no jobs will be cut and there will be a three-year employment guarantee, while the locations in Cologne and Wuppertal will be retained.