To refocus on Southern Europe on its bancassurance core business
CNP Assurances, a France-based personal insurance company, has entered into an agreement with Rentipar Seguros SGPS for the sale of its stakes of 83.52% et 83.57% respectively, in Global – Companhia de Seguros, and Global Vida – Companhia de Seguros de Vida, (together, Global Seguros). The deal is for a total consideration of E117m, valuing both companies at E140m for 100% of share capital.
Rentipar Seguros SGPS is a company controlled by Horacio da Silva Roque, founder and majority shareholder of Banif group, which in particular holds the Portuguese insurance company, Açoreana Seguros. Açoreana Seguros is a non-life insurance company in Portugal.
However, the transaction is subject to customary regulatory approvals. The closing of the transaction anticpated to occur during the first quarter of 2010. The price is subject to an adjustment mechanism based on the change in net asset value and expected to allow CNP Assurances to book a net capital gain of approximately E25m. The transaction is likely to reinforce the solvency ratio of CNP group by approximately 0.7%.
CNP Assurances has said that following the recent partnerships signed with Barclays Bank in Spain, Portugal and Italy and with Marfin Popular Bank in Greece and Cyprus, this transaction completes the refocusing in Southern Europe on its bancassurance core business.