Federal Office of Private Insurance FOPI
Federal Office of Private Insurance FOPI
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FOPI News no. 5
FOPI News no. 5 of 16th November 2006 – No objection to the purchase of Winterthur by AXA
The Federal Office of Private Insurance (FOPI) has no objections to the purchase of Winterthur by the French company AXA: The thorough examination of the transaction did not reveal any grounds which could endanger the solvency or the proper governance of Winterthur.
Since the announcement by the Credit Suisse Group on 14 June 2006, to sell its subsidiary, the "Winterthur Schweizerische Versicherungs-Gesellschaft" (Winterthur) to Axa, FOPI has subjected this transaction to a thorough examination. In doing so FOPI was unable to identify any grounds which might endanger solvency or the proper governance of Winterthur and its companies.
The transaction will not lead to the insured persons exercising a special right to terminate any contract due to the fact that this matter deals with a change in shareholder and the contracts remain unchanged.
In accordance with art. 21 of the Insurance Supervision Act and based on the FOPI directive relating to consolidated supervision of the Winterthur group, FOPI has the right to monitor qualified investments and their corresponding acquisition and sale.
Even after the transaction has been completed, FOPI remains responsible for monitoring the operations of Winterthur and AXA companies in Switzerland.
Information: Media section FOPI, tel. 031 325 01 65
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