Pablo Iacobelli, Matías Vergara and Patricia Silberman

Carey represents MetLife in renewal of alliance with Banco del Estado de Chile

Carey has represented MetLife Chile in the 15-year renewal of its strategic alliance for its bancassurance life insurance business with Banco del Estado de Chile.

The transaction included the sale of 49.9% of BancoEstado Corredores de Seguros, owned by MetLife Chile, to Banco del Estado de Chile for approximately USD 28 million.

The transaction closed on 5 December for USD 73 million, including the 28 million/shares of BancoEstado Corredores de Seguros, and USD 45 million for the renewal of the alliance. Claro & Cía and ASSET CHILE acted as legal and financial advisors to BancoEstado, respectively.

This is the longest bancassurance alliance in the Chilean insurance market, proving the success of the alliance between MetLife Chile and BancoEstado that started in 2004.

Héctor Herrera and Francisca Celedón acted as in-house legal counsels to MetLife, while Gabriela Blu provided in-house legal advice to BancoEstado.

Claro’s team consisted of partner Juan León and associate Vicente Allende.

Carey’s team was led by partners Pablo Iacobelli (pictured left), Matías Vergara (pictured centre) and Patricia Silberman (pictured right), and associates Jorge Soto, Jaime Coutts, Francisco León and Fernanda Gabor.

L Giselle Estrada