R+V Seguros Ltda.
Bancassurance in Italy: the distribution agreement between Assimoco and Cassa Centrale Banca (CCB) gives R+V Versicherung further growth potential.
The Italian insurance subsidiary of R+V Assimoco has concluded an exclusive sales partnership with cooperative banking group Cassa Centrale Banca. The future cooperation is based on a five-year exclusive distribution agreement with an option to extend it for a further five years. The agreement provides for Assimoco’s full range of life and non-life insurance products to be distributed through the 70 banks of the Cassa Centrale group and its subsidiary Assicura Agenzia in Italy. Until now, the cooperation between Assimoco and CCB has been limited to the compounding business.
Giorgio Fracalossi, President of Cassa Centrale Banca: “This agreement is an important milestone in our cooperation based on shared values. R+V and Assimoco are the best possible partners to further strengthen and expand our bancassurance strategy.”
Norbert Rollinger, CEO of R+V Versicherung and Chairman of the Board of Directors of Assimoco: “The agreed cooperation strengthens the long-standing partnership between our groups. We are pleased to have an ideal partner in Cassa Centrale Banca, which is present throughout Italy , to jointly develop Assimoco to become the cooperative insurer in Italy”.
R+V’s Italian subsidiary Assimoco expects to double the business from the new sales cooperation and thus also gives R+V additional growth potential. In the 2021 financial year, the Assimoco Group reached a premium volume of almost one billion euros in the life and property insurance business.
The cooperation also aims to further strengthen the European cooperation of all institutions involved in insurance and financial services.
The sale agreement that has now been concluded is a logical consequence of a long-standing relationship between the partners in Germany and Italy: the Wiesbaden-based insurance group R+V has been the majority shareholder of the Assimoco Group for many years and the R +V’s parent company, DZ BANK, is a shareholder of the cooperative banking group CCB.
cooperative banking group Cassa Centrale Banca – Italian Cooperative Credit It has 70 banks and 1,483 branches throughout Italy, 11,450 employees and 455,000 cooperative members. With total assets of €91.6 billion, it is one of the ten largest Italian banking groups.
the Assimoco Group is part of the Italian cooperative organization. The shareholders are R+V Insurance Group, the Italian Raiffeisen Association, Raiffeisenkassen and other cooperative partners. Assimoco’s premium income from the life and property insurance business amounted to around €1 billion in 2021.
the R&V insurance With more than 8.9 million customers, it is one of the largest insurers in Germany. As part of the cooperative financial network Volksbanken Raiffeisenbanken, R+V offers its customers innovative and personalized insurance solutions. The range of products of the R+V companies includes all known insurances for private clients and companies. In 2021, the R+V Group achieved premium income of €20 billion and employed around 16,500 people across the country. At its headquarters in Wiesbaden, R+V is the largest private employer with 6,500 employees.
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Original content from: R+V Versicherung AG, broadcast by news aktuell