COMCO and European Commission approve planned Merger between Helvetia and Baloise

According to press releases issued by Helvetia and Baloise on 12 September 2025 and by the European Commission on 5 August 2025, the two Swiss insurance companies have received merger control clearance from both the Swiss Competition Commission (COMCO) and the European Commission for their planned merger. Completion of the transaction is scheduled for 5 December 2025, subject to remaining approvals.

Background

In April 2025, Helvetia and Baloise announced their intention to merge, aiming to create the second-largest insurance group in Switzerland. The combined company will operate in seven European countries, which also required approval from the European Commission. Shareholders of both companies had already approved the merger in May 2025.

Assessment by the competition authorities

According to statements by Baloise and Helvetia, both the European Commission and COMCO have cleared the transaction under merger control, finding that it raises no competition concerns. Both approvals were granted in so-called Phase I proceedings, i.e. without an in-depth investigation. In addition, the European Commission completed its review under the Foreign Subsidies Regulation (FSR) without objections.

Assessment

The planned merger will result in a strong combined presence in the Swiss insurance market. However, given the relatively high intervention thresholds in Swiss merger control and the existing level of competition, the approvals come as no surprise.

The FSR review by the European Commission also highlights the growing relevance of this relatively new regulatory framework for internationally active Swiss companies. Beyond market dominance, foreign subsidies are increasingly being considered, which adds regulatory complexity and underscores the need for early and strategically coordinated transaction planning by companies and their advisors.

The company announcement from Helvetia can be found here, and the one from Baloise here.