{"id":11036,"date":"2019-11-25T00:00:00","date_gmt":"2019-11-24T23:00:00","guid":{"rendered":"https:\/\/creandgroup.com\/press-notes\/credit-andorra-and-caser-seguros-sign-an-agreement-through-which-the-spanish-company-enters-the-life-insurance-business-of-the-financial-group-in-andorra\/"},"modified":"2023-05-11T22:31:09","modified_gmt":"2023-05-11T20:31:09","slug":"credit-andorra-and-caser-seguros-sign-an-agreement-through-which-the-spanish-company-enters-the-life-insurance-business-of-the-financial-group-in-andorra","status":"publish","type":"press-notes","link":"https:\/\/creandgroup.com\/en\/press-notes\/credit-andorra-and-caser-seguros-sign-an-agreement-through-which-the-spanish-company-enters-the-life-insurance-business-of-the-financial-group-in-andorra\/","title":{"rendered":"Cr\u00e8dit Andorr\u00e0 and Caser Seguros sign an agreement through which the spanish company enters the life insurance business of the financial group in Andorra"},"content":{"rendered":"

\u2022 It is a strategic alliance that serves to promote the insurance business, growth and generation of added value for customers of the Principality’s leading bank.<\/strong><\/p>\n

\u2022 Cr\u00e8dit Andorr\u00e0 will hold 49% of CA Vida Assegurances (the field of risk-life products) and Caser Seguros will hold 51%.<\/strong><\/p>\n

\u2022 Cr\u00e8dit Andorr\u00e0 will retain 100% of the capital of Cr\u00e8dit Assegurances (life insurance-savings, retirement and pension plans).<\/strong><\/p>\n


<\/strong><\/p>\n

Cr\u00e8dit Andorr\u00e0 and Caser Seguros have reached an agreement through which the Spanish company enters the life insurance business of the financial group in Andorra.<\/p>\n

The agreement reached between Cr\u00e8dit Andorr\u00e0 and Caser Seguros represents an alliance, the goal of which is to promote the insurance business, growth and generation of added value for customers. The joint project will enable us to address the sector’s long-term challenges competitively. The foregoing comes in an environment marked by the global transformation process of the financial and insurance sectors, and by major challenges such as new European regulatory standards Basel III and Solvency II for insurance companies, as well as the Principality of Andorra’s Law on insurance and reinsurance planning and supervision, which adapts the sector’s regulations to European and international standards.<\/p>\n

Xavier Cornella, CEO of the Cr\u00e8dit Andorr\u00e0 Financial Group, explained that “the insurance business is and will continue to be a strategic pillar for the Group, since insurance is a supplementary activity to the nature of the banking business. This agreement will enable us to undertake a joint project between two benchmark companies, in which we will contribute capabilities and talent to guarantee and lead future growth”.<\/p>\n

The CEO of Caser Seguros, Ignacio Eyri\u00e8s, highlighted, on the one hand, the capacities and knowledge of the insurance company in bankassurance distribution and, on the other, the diversification and innovation of its offering in the field of life insurance. “It is also the first agreement we have signed in Andorra, where we seek to intensify our activity”, he added.<\/p>\n

As a result of this agreement, Cr\u00e8dit Andorr\u00e0 will hold 49% of the capital of CA Vida Assegurances and Caser Seguros will hold 51%. -Besides, Cr\u00e8dit Andorr\u00e0 will retain 100% of the capital of Cr\u00e8dit Assegurances (life insurance-savings, retirement and pension plans).<\/p>\n

The operation is pending authorization by the respective supervisors: the General Directorate of Insurance and Pension Funds and by the Andorran Financial Authority (AFA).<\/span><\/p>\n

Cr\u00e8dit Assegurances<\/strong><\/strong><\/p>\n

As a result of this agreement, the portfolio of Cr\u00e8dit Assegurances \u2013Andorra’s leading life insurance company\u2013 becomes segregated into two new companies. On one hand, Cr\u00e8dit Assegurances for savings and pension plans, which is wholly owned by Cr\u00e8dit Andorr\u00e0. On the other, CA Vida Assegurances, owned by Caser Seguros and Cr\u00e8dit Andorr\u00e0.<\/p>\n

CA Vida Assegurances is a company specialising in life risk. The activity of Cr\u00e8dit Assegurances will focus on life insurance-savings, retirement and pension plan products. There will be no change to the offering of products and services, the commercial structure through Cr\u00e8dit Andorr\u00e0’s branches, the office of the insurer (Av. Fiter i Rossell, 22, in Escaldes-Engordany) and the brokers.<\/p>\n


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