Arquia Banca strengthens its position in the insurance business with the purchase of a “significant” stake in CA Life Insurance Experts, specialized in life policies and current insurer of the bank’s clients. The entity is, in fact, one of its main distributors.
The general director of Arquia Banca, Xavier Ventura, indicated that the operation reinforces the bank as one of the main distributors of CA Life and that it complements the entity’s business model. “This operation strengthens our commitment to insurance, further diversifying our activity,” he said.
The insurer invoices approximately 10 million euros in life risk insurance and has a history of more than 10 years, reported Europa Press.
The operation, carried out by the bank with the advice of the RocaJunyent firm, represents the third purchase of the entity in recent years, after carrying out the integration of Caja de Abogados and the consulting company Profim, which allowed it to enhance its specialization in the lawyer segment and strengthen its private banking and large wealth management areas, respectively.
CA Life Insurance Experts is a company specialized in life insurance that was created with the support of the solvency and liquidity of Crèdit Andorrà, a leading group in the financial sector in Andorra and, since 2019, that of MGC Mutua, a specialist in health insurance, and Caravela Seguros, a Portuguese general insurance entity.
The company was founded in 2013 by Crèdit Andorrà, although in 2019, the Andorran entity signed an agreement with MGC Mutua -specialized in health- and the Portuguese Caravela Seguros -focused on the non-life business- that reduced its participation in the insurer. In this way, Crèdit Andorrà now has 44%; MGC Mutua, 41%, and Caravela, 5%.
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