Zurich Spain has signed an agreement to acquire 50% of Can Soluciones Integrales from Caja de Ahorros y Monte de Piedad de Navarra. The purchase price amounts to approximately $71 million initially plus an earn-out component of up to approximately $63 million depending on the future performance of Can Soluciones.
As part of the agreement, the jointly owned company will enter into an exclusive agreement with Caja Navarra for the distribution of general insurance products. The transaction is subject to the approval of the relevant regulatory authorities.
Zurich believes that the proposed acquisition reflects the strategy of its Europe general insurance business to further expand its footprint in Spain.
Annette Court, CEO for Europe general insurance business at Zurich, said: This acquisition represents another important step in achieving our profitable growth strategy. It enables Zurich to expand its reach in this region of Spain and enable many more customers to benefit from the highly competitive products and services we have to offer.