BNP Paribas and Matmut have signed a memorandum of understanding for the creation of a joint insurance venture to be launched in 2018. The new company, which is to be 66% owned by BNP Paribas Cardif and 34% by Matmut, will be specialized in property and casualty insurance. At launch, the insurance offer – including automobile, homeowners, student and legal insurance, as well as assistance services – will be marketed to consumers, self-employed professionals, associations and small business clients of BNP Paribas in France. The products will initially be available via BNP Paribas French Retail Banking, followed by BNP Paribas Personal Finance and subsequently partners outside the BNP Paribas group as part of a multi-distribution approach.
With this strategic alliance, BNP Paribas is strengthening its bancassurance business through BNP Paribas Cardif in order to benefit its clients.
For Matmut, this partnership represents an opportunity for growth in the very competitive non-life insurance market while broadening recognition of its expertise in this area.
BNP Paribas and Matmut signed a memorandum of understanding on 17 November confirming the alliance between the two groups in property and casualty insurance with the creation of a joint venture.
The joint venture, which will be operational in 2018, will be 66% owned by BNP Paribas Cardif, the insurance subsidiary of the BNP Paribas group, and 34% by Matmut. The new structure, which will mainly be located in Rouen, will offer* non-life insurance solutions in the French market, including insurance for automobiles and motorcycles, comprehensive homeowners insurance, student insurance and legal protection, as well as assistance services. This insurance offering will be marketed to clients of the BNP Paribas retail banking network via omni-channel distribution.
With this initiative, non-life cover will be fully integrated in the daily banking offer of BNP Paribas French Retail Banking in France, creating strategic development opportunities thanks to a broader array of services available to clients.
Property and casualty insurance is the core business of Matmut, which is widely recognized for its quality of service, organization, information systems and insurance offerings, providing solid foundations for the joint venture and the insurance solutions it will provide.
This major initiative is particularly remarkable in France's extremely competitive property and casualty insurance market.
Commenting on this strategic partnership, Nicolas Gomart, Chief Executive Officer of Matmut said: "This alliance is an excellent development at several levels. The choice of Matmut by a banking group of BNP Paribas' dimension to develop its insurance offering recognizes our expertise, the professionalism of our teams and the quality of our offers. The momentum created by this partnership will at the same time benefit Matmut as we pursue our own growth and innovation initiatives. What's more, given our joint development plans with BNP Paribas, the announcement of this new structure with operations based mainly in Rouen is definitely good news for this prominent Normandy city."
"We are very excited about this collaboration, which harbours great promise in terms of momentum and innovation. Forging a partnership like this with Matmut will let us combine our expertise to design an omni-channel non-life insurance offer adapted to the new needs of our clients. This partnership represents a growth opportunity for the entire BNP Paribas group and reflects our commitment to strengthening our positions in this strategic market in France," said Virginie Korniloff, BNP Paribas Cardif Chief Operating Officer Domestic Markets.
*Following approval by ACPR, the French Prudential Supervision and Resolution Authority
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