Norwich Union International Limited, CGNU’s Dublin-based offshore company, announces that it will commence distributing its products in the Spanish market through Segurval, the independent insurance broker of the Bancaja Group.
Norwich Union International Limited, CGNU’s Dublin-based offshore company, announces that it will commence distributing its products in the Spanish market through Segurval, the independent insurance broker of the Bancaja Group.
CGNU’s partnership with Bancaja is one of its three bancassurance relationships in Spain. Norwich Union International will now focus its distribution efforts on Segurval and explore other opportunities with the two more recently acquired bancassurance alliances.
Paul Shirley, Marketing Director at Norwich Union International, said: "We are pleased to announce this new distribution agreement with Segurval. It gives us the opportunity to leverage the CGNU Group’s activities and to consolidate our distribution strategy in Spain."
José María Lejárraga García, Manager of Segurval, said: "We are delighted to take part in this new agreement as it is a natural outcome of CGNU’s partnership agreement with Bancaja. By distributing Norwich Union International’s products we will extend the range of financial solutions that we can offer to our quickly growing non-resident client base. We are looking forward to a mutually beneficial relationship with Norwich Union International."
Enquiries:
For further information
Norwich Union International
Mike Gogan 00 353 (0) 1 802 8415
Norwich Union International
Paul Shirley 00 353 (0) 1 802 8427
Financial Dynamics
Andrew Waterworth 020 7269 7127
Emma Reed 020 7269 7249
Notes to Editors
CGNU in Spain
In July 2000, CGNU acquired a 50% shareholding in Aseval, the life and pensions subsidiary of Bancaja, the fourth-largest savings bank (“caja”) in Spain by total assets. Through this partnership, CGNU gained access to Spanish bancassurance, the dominant distribution channel in this market, accounting for more than 80% of new business sales. An agreement was also reached in June 2001 to acquire 50% of Unicorp Vida, the life and pensions operations of Unicaja. In a further announcement in July 2001, CGNU agreed to form a bancassurance partnership with Caixa Galicia, Spain’s fifth largest savings bank by acquiring 50% of it’s life and pensions subsidiary, Bia Galicia.
The three partnerships give CGNU access to the fourth largest banking network in Spain, with almost 2,500 branches and a client base of 6.7 million customers.