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Insurance News

Sympany Takes Over Kolping

May 27, 2016 - Benjamin Manz

The Swiss health insurance industry may look like a win-win business. But that wasn’t the reality for Swiss health insurance company Kolping, which is being taken over by Basel-based insurance provider Sympany.

The prospect of a takeover has been looming over Kolping since heavy losses in 2015 led to the company becoming financially unsound.

Both Kolping’s customers and its employees are being transferred to Sympany, which means the nearly 50 Kolping employees will likely be able to avoid retrenchment.

Kolping currently counts approximately 26,000 customers, 17,000 of which receive obligatory health insurance coverage.

Sympany has nearly 216,000 customers, making it one of the 10 largest health insurers in Switzerland.

The Kolping takeover puts Sympanys customer count at 242,000.

Important: For the time being, Sympany will maintain the Kolping health insurance company as is, including the Kolping brand and its product range. So if you are a Kolping customer, you aren’t likely to notice any major changes in the immediate future. The change is primarily a question of ownership.

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Expert Benjamin Manz
Benjamin Manz is CEO of moneyland.ch and an independent expert on banking and finance.