Hogan Lovells Advises Leading Reinsurer in €82 Million VIF Deal
11 April 2014
LONDON, 11 April 2014 - Hogan Lovells has advised leading reinsurer SCOR on the value in force (VIF) reinsurance of the individual life insurance business portfolio of Mediterráneo Vida, owned by Banco Sabadell.
Mediterráneo Vida has entered into a 99% quota share reinsurance agreement with the reinsurance entity SCOR Global Life Reinsurance Ireland PLC covering Mediterráneo Vida's life insurance portfolio in Spain in force as of 31 December 2013. As part of the transaction, SCOR Global Life pays Mediterráneo Vida a commission of €82 million. The transaction is expected to generate premium income of around €30 million in 2014 and a stream of premium in the following years.
The deal, which extends SCOR’s presence in this attractive market segment, is in-line with its three year strategic plan, which envisages robust significant growth in financial solutions.
Hogan Lovells teams from London and Madrid have worked together to advise SCOR on the reinsurance agreement and related collateral agreement. This is the fourth deal of this kind in Spain in which Hogan Lovells has participated in the past two years and the third deal where the firm has advised SCOR until deal completion (after the VIF reinsurance transactions with BBVA and Banco Popular).
The Hogan Lovells team advising on this transaction was led by insurance partners Joaquin Ruiz Echauri and Victor Fornasier, and banking & finance partner José Luis Vázquez. The team also included senior associate Jamie Rogers and Alejandro González and associates Virginia Martínez and Isabel Fons.
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