Uría Menéndez advises on the renewal of the alliance between Zurich and Deutsche Bank

Uría Menéndez has advises Zurich Insurance, Sucursal en España and Zurich Vida, insurance and reinsurance company, on the renewal and renegotiation of their longstanding exclusive bancassurance alliance with Deutsche Bank for the joint development and marketing of non-life and life insurance products through Deutsche Bank’s network in Spain for an additional ten-year period.

The Madrid firm team has been formed by Guillermo San Pedro (partner, M&A-private equity); Jaime del Fraile (counsel, M&A-private equity); Ignacio Díaz de Rábago (associate, M&A-private equity).

On July 27, Deutsche Bank Spain and Zurich Seguros announced the renewal of their insurance distribution alliance, which began in 2002. The two companies have now decided to extend their collaboration for a further 10 years with the aim of strengthening the customer experience, optimizing the distribution model to adapt it to current needs, and investing in new products and services.

DB-Zurich’s protection solutions in Spain currently insure more than 120,000 customers, of which 72,000 are part of the life portfolio, and more than 52,000 with home insurance products, figures that represent more than 30 million in premiums and demonstrate the strengths of both companies, the bank’s extensive distribution network, and the quality of the range of insurance products.

The renewal of the distribution contract is in addition to the Deutsche Zurich Pensiones joint venture between the two companies, with a volume of 1,180 million euros in vested rights and 91,800 participants, which is a guarantee of quality service in the field of insurance and pensions. All this points to Deutsche Bank’s interest in continuing to offer its customers the best solutions on the market and, in the case of Zurich, confirms its interest in maintaining its leadership position in all distribution channels.