Madrid, 5 May 2022.- Mediterráneo Vida (MedVida) has signed terms to acquire CNP Partners, the Spanish subsidiary of the French group CNP Assurances. The sale and purchase agreement was signed today and MedVida is expected to take effective control of CNP Partners in the fourth quarter of 2022, following regulatory approvals.
With this acquisition MedVida will double the size of its balance sheet, to manage total investments of approximately €5 billion, and enter the Italian insurance market where CNP Partners has several bancassurance agreements.
The company will keep “Partners” in its new name as a sign of MedVida’s commitment to developing CNP Partners’ business through its current distribution partners: financial institutions, brokers, and mediators, as well as digital channels. To reinforce this commitment, it will invest €20 million in the first two years to increase the competitiveness and service capacity of the new company.
Commenting on the transaction, Antonio Trueba, CEO of MedVida, said: “We approach this new phase with great enthusiasm and look forward to working with the CNP Partners team in both Spain and Italy to progress the innovative project we have for both markets”.
Madrid, 7th May 2024: On April 30 2024, VIDACAIXA and MEDVIDA Partners completed the transfer of a run-off portfolio of nearly 30,000 policies. The policies form part of the insurance business of the former Sa Nostra Vida, a company acquired by VIDACAIXA in November 2022. Antonio Trueba, CEO of MEDVIDA Partners, commented: “The teams of […]
MEDVIDA Partners announces that yesterday it completed its acquisition of Metrópolis’ life insurance portfolio. The transaction is an important milestone in Spain and for MEDVIDA Partners as it represents the first transfer of life insurance savings with-profits portfolios between unrelated entities. The solution implemented by MEDVIDA Partners results in an economically sound mechanism for both […]