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”.