Aviva Vida y Pensiones, an agency channel of Aviva, has signed an agreement (pending approval by the appropriate regulatory authorities) to acquire a stake in the life insurance company of the Pelayo Group, replacing French group La Mondiale from which it has acquired the 50% stake held in Pelayo Mondiale Vida.
- Aviva holds a 50% stake in the combined company. The agreement envisages an exchange of networks for marketing products and a strategic agreement for future non-life insurance operations.
Aviva Vida y Pensiones, an agency channel of Aviva, has signed an agreement (pending approval by the appropriate regulatory authorities) to acquire a stake in the life insurance company of the Pelayo Group, replacing French group La Mondiale from which it has acquired the 50% stake held in Pelayo Mondiale Vida. This acquisition will provide improvements in efficiency and a major boost to development given Aviva's experience in technical management in the life insurance industry and its knowledge of the Spanish market.
The Pelayo Group's networks will distribute the combined company's life insurance products with a commitment to boost the marketing of that business; for its part, the brokerage network of Aviva Vida y Pensiones will distribute Pelayo's car and home insurance products, thus expanding its range.
Lastly, the agreement also envisages that Pelayo will be a priority partner for Aviva in future non-life insurance operations in the bancassurance channel, in which Pelayo will also provide full after-sales service and customer care.
The agreement was signed by José Boada, chairman of Pelayo Group and David Angulo, vice chairman of the board of Aviva España.
According to David Angulo, this important strategic agreement will expand our range in the brokerage channel, adding the distribution of home and car insurance products from a leading company like Pelayo so we can fully cover the needs of our customers.
José Boada said that this operation will provide a lasting boost to his life insurance company, given the experience and professionalism of one of the market leaders in the sector, as well as the opportunity to enter the bancassurance sector as a partner of one of the key players on the market.
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For further information:
Aviva
Jezabel Maroto
Telephone: 91 297 17 64
Email: prensa@aviva.es
Lucía Carballeda
Telephone: 91 556 01 54
Email: lucia.carballeda@edelman.com
Seguros Pelayo
Cristina del Campo
Telephone: 91 592 02 15
Email: gabineteprensa@pelayo.com
Notes to editors:
About Aviva
Aviva is the sixth largest insurance group in the world, a leader on the international insurance and long-term savings products market. In Europe, it is the leader on the life insurance and pensions market.
Aviva in Spain is one of the leaders in the life insurance and pensions sector. It markets its products through professional brokers (Aviva Vida y Pensiones) and by means of strategic alliances with some of the major Spanish savings banks (Bancaja, Caixa Galicia, Unicaja, Caja España, Caja Granada and Cajamurcia) www.aviva.es
About Pelayo
Seguros Pelayo holds second place in the ranking of insurance companies in Spain, with a portfolio of almost 1,500,000 policyholders and annual billings of €515 million. Though most of its business centres on car and home insurance, it operates in all sectors and offers its customers an ever-expanding range of high-quality products. Pelayo is also characterised by a multi-channel distribution network.
Pelayo's main aim is to be the number-one insurer in terms of quality perceived by customers, which is why it has multiple quality control systems such as the Insurance Ombudsman, the Service Guarantee and the “1:24:72” clause, the latest commitment of this kind by Pelayo.
Seguros Pelayo is an official sponsor of the Spanish Football Team and will accompany the “Reds” on the way to their next major challenge at EURO 2012. This commitment as the official Team Insurer is reflected in the launch of new services and products for its policyholders and all football fans in general.
Seguros Pelayo allocates a portion of its profits to social projects, which have been channelled through the Fundación Pelayo since its foundation in 2005. The foundation allocates the available resources among the most vulnerable and disadvantaged groups through projects that also involve its own employees.
For more information about Pelayo, visit www.pelayo.com