Wuppertal – Barmenia and Gothaer Versicherungen are planning a merger on an equal footing. After intensive preliminary discussions and informing the respective member representative meetings of the traditional insurance associations, they will now enter the due diligence phase.
“The Barmenia and the Gothaer complement each other perfectly. Through a merger, we can significantly expand our competitive and market position and move into the top 10 in the German insurance industry,” explains Oliver Schoeller, CEO of Gothaer Finanzholding AG. “Barmenia has its particular strength in health insurance, Gothaer is very strong in the composite sector. “Gothaer is growing across all divisions, particularly in the corporate customer sector, while Barmenia is showing very dynamic development in private customer business,” adds Dr. Andreas Eurich, CEO of Barmenia, on the joint strategic considerations.
“Both companies have similar cultures and similar values. As insurance associations with a long tradition, we are united by values such as sustainability, humanity and a strong sense of togetherness. All of this is an ideal basis for expanding our cooperation,” continued Eurich.
The merger of the two companies should take place on an equal footing as equal partners. Both brands and headquarters should remain in place, as should the insurance associations at the top. The joint holding company will be called Barmenia Gothaer Finanzholding AG. A further sign of the parity of both partners is a dual leadership with Dr. Andreas Eurich and Oliver Schoeller are slated to serve as co-chairmen of the board. It is also intended that Dr. hc Josef Beutelmann and Prof. Dr. Werner Görg should stand.
Schoeller describes the guiding principle for the merger as follows: “We want to become stronger and better together. Better for our customers, our sales partners and, above all, our employees.” Eurich adds: “Together we want to inspire people. At the same time, we are increasing our investment power and our risk-bearing capacity. Very important: Nothing will change for the customers of both companies. Of course, all contracts and promised services continue to apply. In the future we will be able to offer them an even broader and better offer.”
The merger is intended to provide employees with a three-year employment guarantee.
As part of the due diligence phase that will begin shortly, the joint considerations and ideas will be validated and made more concrete. This process is expected to take a few months. All considerations are subject to the results of the due diligence as well as coordination with the committees and the consent or approval of the responsible authorities. “We have intensive months ahead of us in which we will work together to develop the concrete roadmap for our merger,” explains Schoeller. “But we are both firmly convinced that this is the starting signal for something big new,” the two CEOs agree.