Paris, le 4 November 2014
Following the press release published on 31 July, CNP Assurances announces the conclusion of a preliminary protocol setting out the proposed terms of the agreement renewing the partnership between CNP Assurances and Groupe BPCE as from 1 January 2016.
The new partnership agreement would come into effect on 1 January 2016 for an initial period of seven years, and would provide for:
- An exclusive partnership in group term creditor insurance between CNP Assurances and Natixis Assurances on the one hand and Groupe BPCE networks on the other. The partnership will be based on a co-insurance agreement underwritten 66% by CNP Assurances and 34% by Natixis Assurances.
- Specific partnerships in protection insurance, with (i) development by CNP Assurances of an offer covering the main employee benefit plans of Groupe BPCE’s business and corporate clients, including a long-term care formula, and (ii) a personal risk insurance partnership focused on long-term care products and renters’ insurance.
- Mechanisms to align the interests of CNP Assurances with those of Groupe BPCE concerning the on-going management by CNP Assurances of contracts purchased by Caisses d’Epargne clients up until 31 December 2015. These contracts will continue to be managed by CNP Assurances on the same terms as those that currently apply. Natixis Assurances will reinsure a 10% quota-share of this in-force business.
This proposed partnership is in line with CNP Assurances’s strategic goal to develop the rIsk protection business.
The proposed partnership will be presented to employee representative bodies with the aim of signing the final agreements in the first quarter of 2015.