Hogan Lovells advises Allianz in its bancassurance alliance with BBVA

Hogan Lovells’ Insurance and Reinsurance team has advised Allianz in the creation of the BBVA Allianz Seguros joint-venture.

Hogan Lovells' Corporate Insurance team, led by Felipe Vázquez with the support of Guillermo Ruiz, has advised Allianz on its bancassurance alliance with BBVA. In addition, Gonzalo F. Gállego and Santiago de Ampuero advised the insurer on data protection matters and Casto González-Páramo and Alfredo Gómez on competition issues. The new company will be renamed BBVA Allianz Seguros and has already started operating in Spain.

The agreement, whereby Allianz has acquired 50% plus one share of the new general insurance joint-venture, creates one of the largest bancassurance alliances in the non-life industry, uniting two global leaders with common strategic priorities.

The new company will exclusively serve customers of the bank in Spain for simple and digital non-life products (excluding health insurance), for the next 15 years.

Hogan Lovells is the only law firm in Spain whose insurance practice has been recognized, for seven consecutive years, in band/tier 1 of the Chambers & Partners and Legal 500 directories. In addition, Hogan Lovells has been recognized as "Best Insurance Firm" in the 2019 and 2020 editions of the Expansión Jurídico Awards.

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