Crédit Agricole SA’s (CASA) subsidiary CAA has finalised an agreement with Italian bank Banco BPM for the distribution of its non-life insurance products in Italy.
Under the 20-year distribution agreement, CAA will extend the distribution of its non-life, personal protection and creditor insurance products to Banco BPM’s network in Italy.
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Banco BPM has a network of around 1,500 branches in the country.
The parties initially signed a binding term sheet for a long-term bancassurance partnership in Italy in 2022.
The agreement has now resulted in the repurchase of 65% of the capital of Vera Assicurazioni, its subsidiary Vera Protezione and Banco BPM Assicurazioni by CAA from Banco BPM.
CAA said the acquisition allows it to diversify its business mix by increasing premiums of its non-life, personal protection and creditor insurance products by almost 60%.
The agreement complies with Crédit Agricole Assurances’ 2025 strategic plan and makes it Italy’s third-largest non-life bancassurer.
CAA CEO Philippe Dumont said: “The finalisation 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.”
Vera Assicurazioni is engaged in providing non-life insurance solutions to individuals, professionals and small and medium-sized enterprises.
Earlier this year, Banco BPM exercised an option to purchase 65% of share capital in Vera Vita and Vera Assicurazioni from Cattolica Assicurazioni.
The exercised option was a part of the agreements signed between Banco BPM and Cattolica Assicurazioni in 2021.
