Bansabadell Vida reinsures its individual life risk portfolio for an amount of 683,7 million €
Bansabadell Vida, joint venture of Zurich and Banc Sabadell, has signed the reinsurance contract for an up-front commission
The Company crystallized the value of its life protection portfolio, improving the risk management of its balance sheet and strengthening its capital position to support its future growth plans
Bansabadell Vida has signed a reinsurance agreement with Swiss Re on its individual life risk portfolio for an amount of 683,7 million €, as a reinsurance commission. Swiss Re will assume the risks on this portfolio while BanSabadell Vida will maintain the administrative management of the reinsured policies. This agreement does not imply any change for the company's customers, maintaining the same level of guarantees and services.
It is important to highlight that this is the first operation of this characteristics that takes place in Spain after the application of Solvency II regime on 1st of January of 2016.
The closing of this agreement, established with the support of Zurich and Banco Sabadell, represents, in the words of Bansabadell Vida's General Manager, Javier Valle, "a great opportunity to value our insurance portfolio, and strengthen the company to undertake the ambitious business growth plan we have for the next few years." Valle also emphasizes that "we have signed the agreement with Swiss Re, a world-renowned entity with proven experience in the life reinsurance business and with excellent levels of solvency and financial strength.
Banco de Sabadell, S.A. Plaza Sant Roc, 20 08201 Sabadell. Inscribed in the Mercantile Registry of Barcelona, page B-1561., NIF A08000143.
Financial institution under the supervision of the Bank of Spain and registered in the Special Administrative Register under number 0081
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