BASLER TO CLOSE DÜSSELDORF OFFICE OF DEUTSCHER RING LIFE

Insurer Basler, a subsidiary of Switzerland-based Bâloise, is to close the Düsseldorf office of life assurance subsidiary Deutscher Ring Leben at the end of September 2012. Basler said that it was no longer economically viable to keep open the office, which employs 51 staff. Deutscher Ring bought the business through its acquisition of Moneymaxx from Netherlands-based Aegon in 2005, a deal that marked the end of Aegon's short-lived foray into the German life market.