BBVA Allianz Seguros, the bancassurance joint venture between Allianz Seguros and Spanish lender BBVA, is set to start its operations in Spain after it obtains pertinent regulatory authorisations.
The bancassurance joint venture, which aims to boost the non-life insurance business in Spain, was first announced in April this year.
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Allianz holds a 51% stake in the new company which is said to be the largest bancassurance partnership in the non-life division.
BBVA Seguros received a total of around €274m for the stake sale.
Additionally, Allianz could pay a variable amount up to €100m based on the fulfilment of certain business objectives and milestones foreseen in the integration plan.
It brings together BBVA’s distribution capacity in physical and digital channels and Allianz’s know-how in developing digital non-life insurance.
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By GlobalDataBBVA Allianz Seguros will exclusively serve the bank’s customers in Spain for non-life products for the next 15 years.
It will be led by current Allianz Seguros bancassurance general manager Miguel Pérez Jaime as the managing director. He will be joined by Carles Alsina as head of business development, Emilia Macarie as CFO, and Ramón Lasurt as COO.
BBVA Seguros CEO and chairman of the new joint venture Eugenio Yurrita said: “With the creation of this new company, we are moving one step further, as we are enriching the insurance value proposition. This new partnership, which begins today, will allow us to continue growing with a strategic partner, a global leader like Allianz.”
Allianz Seguros CEO and vice-chairman of the new joint venture José Luis Ferré added: “BBVA Allianz Seguros is a strategic endeavor for Allianz Seguros that will reinforce our presence in the market.
“Together with BBVA, we want to develop innovative new insurance solutions that are simple and attractive to customers in order to remain aligned with our purpose: to insure the future of customers, also in the banking channel.”
BBVA launched the sale of its bancassurance business towards the end of 2018 and appointed Bank of America to oversee the process.
Allianz faced stiff competition from its American rival Liberty Mutual and Generali in the stake sale process of the Spanish bank.
