MEDVIDA Partners, a Spanish life insurance company specialised in the acquisition, integration and optimization of life insurance businesses, has completed the acquisition of Sa Nostra Vida from VidaCaixa.
Through this transaction, which was announced back in July 2023, MEDVIDA has acquired Sa Nostra Vida’s run-off life insurance portfolio, which consists of over 30,000 policies.
Sa Nostra Vida had been part of VidaCaixa since 2022 after its merger with Bankia Vida, and primarily comprises life savings insurance, life risk insurance, and life annuities for retail customers.
VIDACAIXA and MEDVIDA Partners have also completed the migration of operations, with MEDVIDA now fully operating the portfolio just 10 months after the signing of the portfolio transfer agreement.
Antonio Trueba, CEO of MEDVIDA Partners, commented: “The teams of both companies have worked effectively to ensure that operations are fully transferred at the time of closing, only 10 months after the signing of the portfolio transfer agreement.”
With the completion of this transaction, MEDVIDA Partners, which manages nearly 3.5 billion euros in assets and has reported a solvency ratio of 235% at the end of 2023, has reaffirmed its investment appetite to continue making acquisitions of life insurance business in Spain.
