CAA announces it has completed the acquisition of 65% of the share capital of Vera Assicurazioni, Vera Protezione and Banco BPM Assicurazioni, launching the distribution agreement with BBPM in non-life, personal protection and creditor insurance in Italy
Crédit Agricole Assurances announced today:
1) The completion of the acquisition of 65% of the share capital of Vera Assicurazioni, its subsidiary Vera Protezione and Banco BPM Assicurazioni, from Banco BPM;
2) The launch of a 20-year distribution agreement for non-life, personal protection and creditor insurance products and services in Banco BPM’s network of around 1,500 branches in Italy.
This long-term partnership will enable Crédit Agricole Assurances to extend the distribution of its non-life, personal protection and creditor insurance products to Banco BPM's networks, including via online and mobile banking channels. The deal also represents an opportunity to expand Crédit Agricole Assurances' existing partnership with Agos, a leading company in the Consumer Credit sector in Italy, which is held at 61% by Crédit Agricole Group, and at 39% by Banco BPM.
This transaction is fully in line with Crédit Agricole Assurances' 2025 strategic plan, and represents another major step in its international development. This agreement makes Crédit Agricole Assurances the 3rd largest non-life bancassurer in Italy1.
According to Philippe Dumont, Chief Executive Officer of Crédit Agricole Assurances: "The finalization of this agreement with Banco BPM, a long-standing strategic partner of the Crédit Agricole Group, is a key step in our international development and in the diversification of our non-life, personal protection and creditor insurance activities. Through this structuring partnership, we have great ambitions to develop an attractive value proposition for Banco BPM's customers."
All regulatory and antitrust approvals have been recently obtained, including that of IVASS, which covered the transaction as well as the repurchase by Banco BPM of the life and non-life insurance joint ventures.
This transaction, self-financed in equity, will have a limited impact on Crédit Agricole Assurances' Solvency 2 ratio.
About Crédit Agricole Assurances in Italy
Following this transaction with Banco BPM, Crédit Agricole Assurances operates in Italy through CA Vita and CA Assicurazioni, the branches of Crédit Agricole Creditor Insurance (fully owned by Crédit Agricole Assurances), as well as Banco BPM Assicurazioni, Vera Assicurazioni, and Vera Protezione (owned at 65% by Crédit Agricole Assurances and 35% by Banco BPM).
About the transaction
The acquisition of Banco BPM Assicurazioni, Vera Assicurazioni and Vera Protezione enables Crédit Agricole Assurances to diversify its business mix by increasing its non-life, personal protection and creditor insurance premiums by almost 60%2 in Italy.
It also enables Crédit Agricole Assurances to consolidate its position in the Italian non-life bancassurance market, becoming the 3rd largest local player in this segment1.
1Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023
2Calculation based on data at end 2022