MedVida to enter Italian market with the acquisition of CNP Partners from CNP Assurances
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".
ENDS
About MedVida
MedVida is a Spanish lifesavings and annuity insurance company that specialises in helping insurers manage portfolios that are no longer strategic for them, through both acquisition and reinsurance. MedVida's shareholder is Elliott Investment Management, through Ember Capital, a vehicle that is backed by investors such as employee and retiree pension funds, universities, foundations, sovereign wealth funds and other social institutions that have a long-term investment time horizon. MedVida manages policies for more than 130,000 policyholders and total investments of more than ¬ 2,300 million. The solvency ratio at the end of 2021 exceeded 311%.
About CNP Partners
CNP started its operations up in Spain in 2004. The company, which changed its name to CNP Partners in 2014, markets a wide range of life-risk, lifesavings, payment protection and pension products. It distributes its products through financial institutions, brokers, and mediators, as well as through digital channels. The company manages ¬2,126 million in technical provisions.
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