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Merger with Barmenia: Gothaer plans merger by October
The Cologne insurer Gothaer is growing above average and is planning a merger by October. Find out more about the current developments in the industry.
Merger with Barmenia: Gothaer plans merger by October
The Cologne insurer Gothaer is planning a merger with Barmenia by October this year. The Gothaer boss, Oliver Schoeller, announced that the boards of both companies have signed a business combination agreement. The aim is to advance the legal and economic process of the merger as best as possible.
Entry in the commercial register is scheduled for the end of August, and after the merger, two insurance associations will be at the helm of the new group. Both the Cologne and Wuppertal locations will be retained, and all employees will be offered a three-year employment guarantee. It is also planned that Andreas Eurich from Barmenia and Schoeller will lead the group together.
With annual premium income of around eight billion euros, the new group will be among the top 10 in the industry. Last year, Gothaer recorded an increase in premium income of 7.2 percent, which was above the market average. Growth was particularly strong in business with corporate customers, while growth was also recorded in private customer business.
In the year of the merger, there will be changes to the board of directors, as three board members will be leaving for reasons of age. Nevertheless, Schoeller plans to have a competent and lean board of directors in order to increase efficiency. Gothaer remains on track to achieve its goals for 2025 and has gained market share in the past year.