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May 6, 2022

MedVida eyes Italian insurance market via CNP Partners deal

Spanish insurance firm Mediterráneo Vida (MedVida) has signed a deal to acquire CNP Partners for an undisclosed sum.

CNP Partners is the Spanish life insurance subsidiary of French insurance major CNP Assurances.

It specialises in offering savings products and distributes them mainly via bancassurance partnerships, and intermediation channels in Spain and Italy.

MedVida noted that the deal will double the size of its balance sheet to approximately €5bn and mark its foray into the Italian insurance space.

As agreed, MedVida will keep “Partners” in its new name and invest €20m in the first two years to enhance the competitiveness and service capacity of the new entity.

MedVida CEO Antonio Trueba 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”.

MedVida is a life savings and annuity insurance firm that manages policies for more than 148,000 customers.

The deal forms part of MedVida’s long-term growth strategy, which will see it work with CNP Partners’ existing team.

MedVida aims to reinforce ties with distribution partners, including financial institutions, brokers, and intermediaries, and develop its digital channel.

For CNP Assurances, the divesture will simplify its European business and allow it to focus on developing core business in Spain and Italy.

The deal, which was announced earlier this year, is expected to close in the fourth quarter of 2022 and is subject to regulatory approval.

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