Bär & Karrer Advises on Swiss Regulatory Aspects of the Merger of Insurance Groups Provinzial NordWest and Provinzial Rheinland
Provinzial NordWest Holding AG and Provinzial Rheinland Holding AöR merged by way of a spin-off whereby Provinzial Rheinland Holding AöR transferred the part of its assets relating to the insurance business, in particular its holdings in the insurance companies of the group, to Provinzial Nordwest Holding AG. In return, Provinzial Rheinland Holding AöR received new shares in Provinzial Nordwest Holding AG and now has a stake in the merged company. By entry in the commercial register and conversion into Provinzial Holding AG on 31 August, the merger became as planned effective as of 1 January 2020.
The new Provinzial Group is Germany's seventh largest insurer in the P&C and life insurance segment. In building insurance, Provinzial is the second largest insurer in the German market and by far the largest provider among the public insurance companies.
Bär & Karrer advised Provinzial NordWest Holding on the Swiss regulatory side of the transaction. The team included Peter Hsu, Audrey Benzow and Tiffany Ender (all Regulatory/M&A). Hengeler Mueller acted as lead counsel.