BNP Paribas Cardif has acquired a 51% stake in Italian holding firm BCC Iccrea Group’s life insurance coverage arm, BCC Vita.
Established in 2008, BCC Vita promotes life and safety insurance coverage companies by way of varied insurance policies to safeguard a person’s financial savings.
The deal additionally offers BNP Paribas Cardif with an choice to amass a further 19% of BCC Vita.
Concurrently, BCC Banca Iccrea, the guardian firm of BCC Iccrea Group, has entered a strategic bancassurance partnership with BNP Paribas Cardif.
The settlement will allow BNP Paribas Cardif to promote its life insurance coverage merchandise and diversify its distribution networks throughout Italy by way of BCC Iccrea Group’s 116 Cooperative Credit score Banks (BCCs).
In the meantime, BCC Iccrea Group will be capable to additional improve and align its present product vary of 116 BCCs with respect to bancassurance.
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This bancassurance partnership may be prolonged to a complete of 15 years.
The completion of this transaction is topic to the issuance of authorisations by the related authorities.
BCC Iccrea Group normal supervisor Mauro Pastore mentioned: “The partnership comes after an extended inner analysis that sought to determine an organization that would guarantee our 116 BCCs an entire, aggressive product vary and an working mannequin leveraging present infrastructure all through the nation.
“It’s with these assets that we need to acquire new market share within the sector, by way of cautious monitoring and a complete supply that’s ready to answer our prospects’ wide-ranging and rising wants for cover.”
BCC Servizi Assicurativi, the specialised insurance coverage hub of BCC Iccrea Group, may also play a strategic position within the newest partnership.
BNP Paribas Cardif CEO Pauline Leclerc-Glorieux mentioned: “This settlement additional consolidates our worldwide bancassurance technique, significantly in Italy, a strategic marketplace for BNP Paribas Cardif.
“This alliance permits us to proceed diversifying our distribution community with entry to a further shopper portfolio. Our experience in insurance coverage distribution partnerships will make this partnership a progress driver for Iccrea and for BNP Paribas Cardif.”
