MedVida to acquire Spanish life insurance company CNP Partners

Mediterráneo Vida (MedVida), a Spanish lifesavings and annuity insurance company, said that it has signed the terms for the acquisition of CNP Partners in a move to foray into the Italian market.

CNP Partners is the Spanish life insurance subsidiary of CNP Assurances, a French insurance corporation. The life insurance company is focused mainly to offering traditional savings products in an open model in Spain and Italy.

The sale will help CNP Assurances in streamlining its European operations. The French insurance group said that it will continue to build its protection business, both borrower and provident, in the Spanish market via its branches.

MedVida is anticipated to take effective control of CNP Partners in Q4 2022, subject to obtaining regulatory approvals.

The Spanish lifesavings and annuity insurance company will keep “Partners” in its new name as a sign of its commitment to developing the business of CNP Partners via its existing distribution partners, including financial institutions, brokers, mediators, and digital channels.

MedVida has also committed to invest €20 million in CNP Partners in the first couple of years to boost the competitiveness and service capacity of the new firm.

Antonio Trueba — CEO of MedVida 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.”