On January 15, 2020, Zurich Insurance Company Ltd (Zurich) and CSS Versicherung AG (CSS) announced that Zurich acquired the corporate accident & health portfolio of CSS.
About 30,000 customers with insurance policies in the daily sickness benefits insurance, the mandatory accident insurance as well as in the supplementary accident insurance will thus transfer from CSS to Zurich. In addition, CSS' employees of the corporate clients business will also change to Zurich. The acquisition underscores Zurich's strategy of continuously expanding its position in the corporate clients business and further diversifying its business portfolio.
The transfer of the insurance portfolio is subject to merger control clearance by the Swiss Competition Commission (COMCO) and to the approval of the Swiss Financial Market Supervisory Authority FINMA (FINMA).
The Homburger team advising Zurich in this transaction was led by partner Hansjürg Appenzeller (Corporate | M&A and Insurance) and included associate Daniel Kuhn (Corporate | M&A) as well as partners Luca Dal Molin (IP | IT) and Richard Stäuber (Competition | Regulatory). Associates Fabian Meier (Banking and Finance, Insurance), Valentin Fluor (IP | IT) and Yves Bianchi (Competition | Regulatory) as well as junior associates Urs Stürmer (Corporate | M&A) and Oriana Schöni (Competition | Regulatory) also contributed to the transaction.