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Insurer Baloise buys Belgian Avero for 75 million euros

Swiss insurance group Baloise said Tuesday it has acquired Belgian firm Avero for 75 million euros (102.4 million dollars), a move that would strengthen its market position in Belgium.

“With the acquisition of Avero, Baloise will increase the market share of its Belgian non-life business to around five percent, making it the sixth largest non-life business in Belgium,” said the Basel-based company.

The acquisition is expected to be completed by year-end.

Following the deal, the brand name Avero would be gradually removed from the Belgian market, said Baloise.

Avero is active in the non-life segment and has a focus on the property and transport insurance markets.

In 2009, the company with 177 employees recorded a premium volume of 124 million euros.