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Vaudoise Assurances increases stake in Europ Assistance to 25%

Generali unit Generali Personenversicherungen AG on Dec. 16 sold its 10% stake in Europ Assistance (Schweiz) Holding AG to Vaudoise Assurances Holding SA for an undisclosed sum, subject to regulatory approval.

The sale was part of Generali (Schweiz) Holding's investment strategy to let go of nonstrategic financial stakes. At the same time, Andreas Krümmel, CEO of Generali (Schweiz), is expected to become chairman of Europ Assistance (Schweiz)'s board of directors, Generali said.

Meanwhile, Vaudoise increased its stake in Europ Assistance (Schweiz) to 25% and secured the right to appoint a second representative to Europ's board of directors.