BNP Paribas Cardif has acquired a 51% stake in Italian holding company BCC Iccrea Group’s life insurance arm, BCC Vita.

Established in 2008, BCC Vita promotes life and protection insurance services through various policies to safeguard an individual’s savings.

The deal also provides BNP Paribas Cardif with an option to acquire an additional 19% of BCC Vita.

Simultaneously, BCC Banca Iccrea, the parent company of BCC Iccrea Group, has entered a strategic bancassurance partnership with BNP Paribas Cardif.

The agreement will enable BNP Paribas Cardif to sell its life insurance products and diversify its distribution networks across Italy through BCC Iccrea Group’s 116 Cooperative Credit Banks (BCCs).

Meanwhile, BCC Iccrea Group will be able to further enhance and align its existing product range of 116 BCCs with respect to bancassurance.

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By GlobalData

This bancassurance partnership can be extended to a total of 15 years.

The completion of this transaction is subject to the issuance of authorisations by the relevant authorities.

BCC Iccrea Group general manager Mauro Pastore said: “The partnership comes after a long internal evaluation that sought to identify a company that could ensure our 116 BCCs a complete, competitive product range and an operating model leveraging existing infrastructure throughout the country.

“It is with these resources that we want to gain new market share in the sector, through careful monitoring and a comprehensive offer that is able to respond to our customers’ wide-ranging and growing needs for protection.”

BCC Servizi Assicurativi, the specialised insurance hub of BCC Iccrea Group, will also play a strategic role in the latest partnership.

BNP Paribas Cardif CEO Pauline Leclerc-Glorieux said: “This agreement further consolidates our international bancassurance strategy, particularly in Italy, a strategic market for BNP Paribas Cardif.

“This alliance allows us to continue diversifying our distribution network with access to an additional client portfolio. Our expertise in insurance distribution partnerships will make this partnership a growth driver for Iccrea and for BNP Paribas Cardif.”