Cuatrecasas in alliance of Falabella with Metlife, BNP Cardif and Pacífico
Cuatrecasas has advised Falabella in the process of formalizing a 15-year strategic alliance to develop the bancassurance business in Chile, in life insurance with MetLife and general insurance with BNP Cardif, and in Peru with Pacífico Compañía de Seguros, part of the Credicorp Group.
The transaction will allow Falabella, one of the largest companies in Latin America, with a presence in Chile, Colombia, Mexico and Peru, and the aforementioned insurers to invest in providing the best digital service to their customers and developing new products, strengthening their portfolio in the market and their value proposition to more than 15 million customers in Chile and Peru.
The deal is estimated to involve more than USD 3.7 billion of premium in the period. On the transaction, Josefina Yávar, lead partner, said: ‘This is an iconic transaction for Falabella, as it is the first time it enters the bancassurance business, simultaneously in two countries, hand in hand with world-class insurance companies, which allows it to take advantage of its full potential to improve the product offering to its customers.
Felipe Rivera and Alejandra Rodríguez acted as in-house lawyers for Falabella.
Carey advised MetLife Chile in the transaction with a team comprising partners Pablo Iacobelli, Matías Vergara and Patricia Silberman, and associates Jaime Coutts, Francisco León and Fernanda Gabor.
Cuatrecasas’ team was led by partner Josefina Yávar (pictured), with support from partners Roberto Guerrero, Ruth Duque, Fernando Mínguez, Francisca Levín, Kiomi Osorio, Juan Pablo Porto and Rodrigo Stein, senior associate José Miguel Gazitúa, and associates Isidora Opazo, Giorgio Balza, Isidora Campos, José Agustín Lagos and Stephanie Torres.
