MEDVIDA Partners, a Spanish insurer, has completed its acquisition of Metrópolis’ life insurance portfolio, representing the first transfer of life insurance savings with-profits portfolios between unrelated entities.
According to the announcement, the solution implemented by MEDVIDA Partners results in an economically sound mechanism for both parties to transfer the portfolio.
It also ensures the continuity and protection of the expected future benefits for its policyholders.
From what we understand, with this transaction, Metrópolis completes its corporate restructuring and ceases insurance underwriting activity to focus on its brokerage, asset management and real estate businesses.
Moreover, in June 2023, MEDVIDA Partners also agreed with VidaCaixa the transfer of a Sa Nostra Vida run-off portfolio of 30,000 life insurance policies.
The transfer, however, is pending formal approval from the Spanish regulatory authorities.
Antonio Trueba, CEO of MEDVIDA Partners, commented: “This transaction demonstrates the innovation that MEDVIDA Partners places at the heart of its business and in finding solutions that adapt to the needs of our counterparties. This, complemented by our capital position, investment expertise and operational platform means MEDVIDA Partners is well-placed to continue to acquire life insurance business in both Spain and throughout Europe.”
In related news, MEDVIDA Partners recently announced the approval of its merger with Mediterráneo Vida (MEDVIDA) with the new entity managing close to €3.5 billion in assets.
