Crédit Agricole Assurances, the insurance unit of French bank Credit Agricole, has entered into a strategic partnership with Europ Assistance, which is part of Generali Group.
Under the partnership, Crédit Agricole Assurances’ non-life subsidiary Pacifica will obtain a 50% stake in the Europ Assistance France in January next year.
Additionally, Europ Assistance will become the assistance partner of all Crédit Agricole’s insurance companies – Predica, Pacifica, CAMCA, and La Médicale.
The company will take over the assistance activities of Crédit Agricole Assurances and its subsidiaries in France starting January 2022.
Europ Assistance France is the main services company that combines Europ Assistance’s expertise and resources in the French market.
The partnership is expected to help Europ Assistance France to strengthen its position as the benchmark assistance services company in the French market while it will allow Crédit Agricole Assurances to bolster its services.
The closing of the deal, slated for the beginning of 2021, is subject to approval by the relevant competition authorities.
Europ Assistance CEO Antoine Parisi said: “Crédit Agricole Assurances is widely known for the importance it gives on service quality.
“The fact that it has chosen Europ Assistance to serve its customers in their moments of distress is a major mark of confidence in the staff of Europ Assistance who have made the quality of service their priority. This partnership between our two groups also reflects our shared values, centred on caring for people.”
Crédit Agricole Assurances deputy CEO and Pacifica CEO Thierry Langreney added: “We are confident that Europ Assistance France’s management can make this partnership a success and develop the activity in all segment of the market.
“Assistance services are evolving and adapting to higher customer expectations by developing new services, both for or dealing with emergency situations and on demand.”
Last year, Spanish bank ABANCA Corporación Bancaria signed a bancassurance partnership with Crédit Agricole Assurances, making it insurance partner of ABANCA in the non-life insurance market in Spain and Portugal.