MEDVIDA Partners completes the acquisition of Metrópolis’ life insurance portfolio

• Transaction marks an important milestone for MEDVIDA Partners
• Achieves the first transfer of life insurance savings with-profits portfolios between unrelated entities
• Appetite for further acquisitions of life insurance businesses

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 parties to transfer the portfolio and crucially ensures the continuity and protection of the expected future benefits for its policyholders.

With this transaction, Metrópolis completes its corporate restructuring and ceases insurance underwriting activity to focus on its brokerage, asset management and real estate businesses.

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.

Antonio Trueba, CEO of MEDVIDA Partners, said: “This transaction demonstrates the innovation that MEDVIDA Partners places at the heart of its business and in finding solutions that adapt to the needs of our counterparties. This, complemented by our capital position, investment expertise and operational platform means MEDVIDA Partners is well-placed to continue to acquire life insurance business in both Spain and throughout Europe.”

Earlier this month, MEDVIDA Partners announced the approval of its merger with Mediterráneo Vida (MEDVIDA) with the new entity managing close to €3.5 billion in assets and reaffirming its appetite for making further acquisitions of life insurance businesses in Spain.