Zurich will pay $1.67 billion for its 51% stake in the insurance business, including the respective distribution agreements. The insurer says the deal remains substantially unchanged from what was announced on Feb. 22. Swiss-based insurer Zurich Financial Services Group has signed definitive agreements with Banco Santander to purchase a majority stake in the bank`s Latin American insurance business. In February, Zurich announced the deal with the Latin American financial services company. On its terms, Zurich said that over the next 25 years, it would pay $1.67 billion in advance for its share of santanders insurance operations in Argentina, Brazil, Chile, Mexico and Uruguay. Zurich said it will pay “$1.67 billion for its 51% stake in the insurance business, including the respective distribution agreements. In addition, during the 25-year term of distribution agreements, there is an earn-out mechanism to achieve certain profit objectives and a mechanism that would protect against possible under-execution. Zurich had previously signed a 25-year strategic distribution agreement with Banco Santander, in which 51 percent of the bank`s insurance business in Latin America would be acquired and Santander would retain the remaining 49 percent. “As part of the transaction, each local insurance company will enter into exclusive banking distribution agreements with the local banking entity of Santander, subject to local regulatory requirements. Among the products marketed through Santander`s extensive distribution network are life protection, savings, retirement and general insurance products. Distribution contracts have an initial term of 25 years. If you`d like to know how Lexology can advance your content marketing strategy, please email firstname.lastname@example.org. [BNamericas] provides us with all the necessary specific market/sector information to anticipate market trends or strategic milestones of our clients in the region. GE transfers $1.7 billion in retirement plan commitments to Athene Both parties expect the transaction to close before the end of this year, subject to obtaining administrative approvals.
Your subscription gives you access to the most important data: Zurich Financial Services Group (“Zurich”) gave on 22 February 2011, it announced its intention to acquire a majority stake in the insurance business of Banco Santander SA (Santander) in Latin America for $1.67 billion. My role as a UX design consultant was to take care of best practices and methods at every stage of the product design process, lead some of them, lead workshops with stakeholders, formulate the right customer problems and much more. 39% of existing users access it via mobile devices, so it was very important to optimize the design for different screen sizes and increase this metric. We have planned a “Mobile First” approach during each ideation or digital exploration session and we have ensured that the design is adapted to the needs of the users. Through data-driven research and a rapidly evolving process, we were able to develop all online insurance experiences and provide a simple and customizable interface to facilitate any work and increase loyalty and revenue. Zurich will take a 51% stake in Santander`s life, pension and general insurance businesses in Brazil, Mexico, Chile, Argentina and Uruguay. When we started to study this new insurance flow, the staggered layout of the form elements was possible (too). We thought there was an easier way to create the page and allow users to navigate with ease. We`ve updated the visual style that`s been iterated, and these solutions have been reflected in the rest of the app ecosystem. Once a request for offer has been submitted, the user can compare, define and decide on the final contract request.
The alliance gives Zurich “access to more than 5,600 bank branches and 36 million additional customers in the region,” says the Bulletin. . . .