The Swiss financial group Baloise is shifting its “investment-linked life insurance business” from Liechtenstein to the grand duchy.
“Administrative and regulatory processes are being transferred from Baloise Life Liechtenstein AG to the Luxembourg-based centre of competence for this business,” the company said in a press release on 17 December.
“Luxembourg has been Baloise’s European centre of competence for investment-linked life insurance since 2013.” The migration will take place “during the first half of 2020,” the firm stated.
“Baloise will continue to have a local presence in Liechtenstein, in future focusing more on the sale of investment-linked life insurance in nearby European countries,” according to the announcement.
Baloise provides insurance, pension and banking services and said it has “7,200 or so employees” across the group. The company also operates in Belgium and Germany.