- Antonio Trueba will continue to lead the insurer as CEO of the merged entity
The Spanish regulator has approved the merger of Mediterráneo Vida (MEDVIDA) and MEDVIDA Partners (formerly CNP Partners), acquired by the group in 2022. The merged company, which manages close to €3.5 billion in assets, reaffirms its appetite for making further acquisitions of life insurance businesses in Spain.
MEDVIDA Partners has announced that the management team of the entity will be made up of professionals who already held management positions in both companies. Antonio Trueba will continue to lead the insurer as CEO of the merged entity. Jaime Kirkpatrick (Managing Director), Jaime Sánchez (Legal and Compliance), Ben Spurgen (Investments), Guy Horton (Finance and Capital), Juan Vidal (Risk, Investment Administration) and Luca Inserra (Business Development) will all report into Antonio Trueba.
Antonio Trueba, CEO of MEDVIDA, said: “We have the business model and the platform to pursue our strategy of strong inorganic growth, acquiring life insurance portfolios in our core markets and improving the financial and operational position of our counterparties. We will make significant investments in our business model in which we aim for maximum operational efficiency, and improvements in the quality of service to our policyholders and distribution partners. We continue to innovate in investment and risk management, and to maintain a solid solvency position.”
The company has two acquisitions in process. The first of these is the transfer by Metrópolis of its life insurance portfolio, for which MEDVIDA Partners received regulatory authorisation in December and will close shortly. In June last year, MEDVIDA Partners also agreed with VidaCaixa the transfer of a Sa Nostra Vida run-off portfolio of 30,000 life insurance policies, which is pending formal approval from the Spanish regulatory authorities.