Italian-headquartered, global insurer Generali has announced an agreement to acquire a c. 9.9% stake in Banco de Crédito Cooperativo (BCC), the holding entity of Grupo Cooperativo Cajamar (GCC), for €150 million.
This investment further strengthens the strategic alignment between the two companies and solidifies Generali’s position as a leading insurance partner in Spain, the insurer stated.
The transaction marks a significant step in the evolution of Generali’s more than two-decade bancassurance partnership with GCC, a leading Spanish financial group.
Furthermore, the move directly aligns with Generali’s “Lifetime Partner 27: Driving Excellence” strategic plan, which focuses on accelerating growth across key European markets where the Group maintains established scale and market leadership, leveraged by strong customer franchises and long-term partnerships.
Giulio Terzariol, Direttore Generale – Group Deputy CEO, said: “Our partnership with Grupo Cooperativo Cajamar has consistently delivered strong growth and outstanding customer value over more than two decades.
“This investment reflects our confidence in the long-term potential of the partnership and our commitment to further strengthening our presence in Spain, one of our key European markets. We look forward to expanding this relationship in the years ahead to the benefit of our customers.”
Carlos Escudero Segura, CEO of Generali Spain, commented: “This agreement further strengthens a long-standing relationship that has created value through collaboration, trust and a shared vision. For more than 20 years, Generali and Grupo Cooperativo Cajamar have built one of the most successful and enduring bancassurance partnerships in Spain.
“This new milestone reinforces our shared commitment to continue growing together, leveraging Cajamar’s outstanding distribution capabilities and Generali’s insurance expertise to deliver innovative solutions and even greater benefits to customers across the country.”
For Generali Spain, the partnership with Grupo Cooperativo Cajamar remains strategically vital, helping it to secure market leadership across key insurance sectors.
The transaction, to be performed by Generali Spain within its investment portfolio, will have no material impact on the Generali Group’s solvency level, and is expected to close in the second half of 2027, subject to all required regulatory approvals.
Deloitte acted as sole financial advisor to Generali and Garrigues acted as legal advisor to Generali
The post Generali’s minority investment in BCC to strengthen partnership with Grupo Cooperativo Cajamar appeared first on ReinsuranceNe.ws.
