15/04/2014 – Expansion
Mapfre, Allianz and Plus Ultra have signed insurance contracts with Sareb that pledged to pay €2.7 million for them.
The insurance policies signed with the three companies will encompass 90.600 properties belonging to Spain´s bad bank. Their total value has been estimated at €11.4 billion.
Mapfre, Allianz and Plus Ultra share two types of coinsurance agreements: for material damage and civil responsability of Sareb. Plus Ultra leads in the first, while Mapfre in the second coinsurance.
Last year, the bad bank received property transfers from Bankia, Catalunya Banc, Liberbank, BMN, Ceiss, NCG, Valencia, Gallego and Caja3 and the assets had diverse insurances. To establish an order, Sareb named Willis to design the new contract signing operation.
The agreements will remain valid until the end of March 2015.
Mapfre and Plus Ultra, united in Catalana Occidente, are small shareholders of Sareb with 0.8% and 0.3% respectively. Allianz has no share in the bad bank´s investments.
Original article: Expansión (by Elisa del Pozo)
Translation: AURA REE