Crèdit Andorrà becomes a shareholder of Grup Assegur

• The operation represents a new strategic alliance to boost the insurance business and future and recurring growth.

• Actiu Assegurances, a company owned by the Group, acquired 50% of Assegur Diversos, and Crèdit Andorrà acquired 50% of Assegur Vida

 

Crèdit Andorrà Group reached an agreement to become a shareholder of Grup Assegur. The agreement between these two leading insurance companies in the country will allow Crèdit Andorrà Group to reinforce and enhance its leadership in the life and non-life insurance sector in Andorra, to explore new competitive advantages and to boost its insurance business. 

On the one hand, Actiu Assegurances, a company owned by Crèdit Andorrà Group, acquired 50% of Assegur Diversos, a company specialised in non-life insurance products. And on the other, the bank became a shareholder of Assegur Vida with the purchase of 50% of its shares. 

Grup Assegur is a leading group in the Andorran insurance market. With its own dynamic commercial network, it is growing in miscellaneous, life risk and automobile insurance, an area in which it has an 18% market share. 

The operation is part of the financial group’s strategy to seek alliances that guarantee future recurrent growth, increase the capacity for development of the insurance business and contribute added value for customers of both companies.

Xavier Cornella, CEO of Crèdit Andorrà Group, explained that “our commitment to the insurance sector is strategic and complementary to the banking business. This operation reinforces our objective as a Group to tackle future challenges with guarantees, as it further consolidates our position in the insurance market and will allow us to develop new opportunities for future growth and the generation of added value for our customers and shareholders”.

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