SHERIDAN, WYOMING – August 26, 2024 – The German Federal Financial Supervisory Authority (BaFin) has granted its approval for the planned merger of Barmenia and Gothaer to form BarmeniaGothaer. The merger will be legally finalized with the registration in the commercial register, expected in early September.
"Less than a year after the initial announcement of our merger plans, the approval from BaFin marks the final major hurdle in our path towards unification. With BarmeniaGothaer, a new top 10 insurer is born, boasting a premium volume of around eight billion euros, approximately 7,500 employees, and 50 billion euros in capital investments," said the two Co-CEOs, Andreas Eurich and Oliver Schoeller, expressing their delight. "We've had very intensive months behind us. We extend our gratitude to the many individuals who have contributed to this major project with tremendous dedication, making the merger possible. And also to those who have continued to work tirelessly on providing service to our customers," Eurich continued. Schoeller added, "We look forward to a shared future. Now it's time to build a company with a common culture and vision from the enormous potential that arises from our combined strengths."
Parity Enshrined in the Articles of Association
The articles of association of the future joint financial holding company, which will be named Barmenia.Gothaer Finanzholding AG, firmly enshrine the principle of parity. All significant decisions will be made unanimously. Gothaer Versicherungsbank VVaG will hold 64 percent of the shares, while Barmenia Versicherungen a. G. will hold 36 percent.
Merger of Personal Insurance Companies
With the closing in September, the merger of the life insurance companies will also be completed. This means that the entire operative business, particularly the portfolio of Barmenia Lebensversicherung a. G., will be transferred to Gothaer Lebensversicherung AG. Immediately afterward, Barmenia Leben a.G. will be merged into Barmenia Versicherungen a.G. All insured persons of Barmenia Leben will be informed about this in writing in September.
The closing will also initiate the merger of Gothaer Kranken into Barmenia Kranken. This process will take up to three years. "For our customers, this has no impact on their insurance coverage or premiums," assured Eurich. "However, in the future, we will be able to offer them an even more balanced range of products and services."
Location and Employment Guarantee
"The locations in Wuppertal and Cologne will definitely be retained, and with the closing, the three-year employment guarantee issued by the employer for all employees of BarmeniaGothaer will also take effect," explained Schoeller."Our declared goal is to leverage the great growth potential of our new company, and for that, we will continue to need our dedicated teams."
Unveiling of the New Brand
The future brand identity of BarmeniaGothaer will be presented at an initial joint event for all employees and the approximately 4,500 partners from the exclusive sales forces on October 8, 2024. Immediately afterward, the brand will also become visible externally in various places.