Swiss Life and Talanx agree strategic partnership
Talanx and Swiss Life have agreed on a strategic partnership in key business areas. To fortify the cooperation, Talanx is purchasing a long-term participation of up to 9.9% in Swiss Life. Talanx will also acquire a stake of 8.4% in MLP from Swiss Life.
The Hanover-based Talanx Group, which is the third largest insurance group in Germany in terms of premium income, and the Swiss Life Group, the leading Swiss life insurer, domiciled in Zurich, have agreed to enter into a strategic partnership to facilitate cooperation in key areas. The two companies will cooperate in distribution through AWD, in the international business with life insurance solutions, in life reinsurance, in operations involving selected products in certain defined areas, and in the reciprocal use of public investment funds. With this partnership, Talanx aims to further strengthen its market position in the private clients segment in Germany and internationally, and to expand its existing business relations with AWD. Through the partnership Swiss Life intends to drive international growth and to improve its market position in Germany further, following its acquisition of AWD and the stake in MLP.
Herbert K. Haas, Chairman of the Executive Board of Talanx Ltd.: In Swiss Life we have a strong partner with whom we can efficiently cooperate in many areas. Through the resultant cooperation with AWD we can reinforce our position in the area of independent financial advisory services. Our stake in MLP is another source of strength in this regard. This independent financial advisory services distribution channel will continue to gain in significance.
Rolf Dörig, Delegate of Swiss Life's Board of Directors: The cooperation with Talanx will not only strengthen our market position in Germany, but also give us a strong shareholder who will support us in meeting our international expansion goals. We are thus laying a solid foundation for profitable growth in the years ahead.
(Excerpt press announcement 24 March 2009)
Gut Corporate Finance acted as lead advisor to Swiss Life in this transaction.