In today’s briefing:
- Underwriting Returns: A Risk Arb Look at Helvetia-Baloise
Underwriting Returns: A Risk Arb Look at Helvetia-Baloise
- Shareholders of both firms have approved the merger, clearing a critical milestone ahead of expected regulatory clearance by late Q3 2025.
- CHF 400m in net synergies and potential capital optimization could lift 2028 ROE to nearly 16%, offering meaningful value creation.
- I recommend a long Baloise / short Helvetia strategy to capture the current 1.2% spread, translating to an estimated 3.4% annualized return.
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