Berenberg Starts Helvetia Baloise at Buy on Potential for Further Upside After Merger

02:43 AM EST, 12/18/2025 (MT Newswires) -- Berenberg began coverage of Helvetia Baloise (HBAN.SW) at buy, with a price target of 250 francs, expecting further "strong upside" from the stock created following the in-market merger of Swiss insurers Helvetia and Baloise. "We have identified three reasons why we believe that the stock still offers strong upside, despite already being up over 30% ytd: in Swiss non-life, we expect a double benefit from Helvetia's merger with Baloise, from a near-doubling of its market share to 15% in Swiss non-life, and due to better market dynamics in this segment, thanks to the increased concentration resulting from the merger; secondly, we believe that the CHF350m announced merger cost synergies are likely to overshoot by c15%, following the pattern of other in-market mergers; lastly, we believe that the timing of the merger coincides with a strong recovery in non-life insurance margins in Germany, a benefit which we believe is not reflected in consensus forecasts," said the analysts in a Wednesday note. Looking ahead to a potential catalyst, the research firm is eyeing the release of Helvetia's pro forma 2025 underlying earnings and new strategic targets at the investor day on April 15, 2026.