Bankinter and Liberty Seguros enter into a new bancassurance partnership

The two entities will promote innovation and market automobile and homeowners' insurance through all Bankinter channels and networks in Spain and Portugal, including EVO Banco.

The insurance company's innovation capacity and international footprint in Bankinter's markets were key factors behind the agreement.

Liberty will own 50.01% of the new company and Bankinter the remaining 49.99%.

Bankinter and Liberty have reached an agreement to jointly carry out their insurance businesses through Bankinter Liberty Hogar y Auto, whose main focus will be marketing of automobile and homeowners' insurance products and services.

Under the agreement, which requires regulatory authorisation, Liberty will acquire 50.01% of the company, which was already incorporated and registered by the bank, from Bankinter, leaving the bank with the remaining 49.99%.

The agreement was signed by Bankinter's CEO, María Dolores Dancausa, and Liberty Seguros' CEO, Juan Miguel Estallo, with the two entities undertaking a long-term commitment to join forces in bancassurance.

The products' design and development will benefit from Liberty Seguros' expertise, and they will be distributed exclusively through Bankinter's online and offline retail networks in Spain and Portugal, including EVO Banco, Bankinter Group's fully digital bank.

The partnership, which must first get the green light from the regulator, showcases Liberty's strong IT capabilities, modular product strategy and ability to adapt quickly. This, combined with Bankinter's innovation capacity and ability to adapt to consumers' needs, should enable the two companies together to carve out a leadership position in the market.

According to Juan Miguel Estallo, CEO of Liberty Seguros, "Bankinter's agility, enthusiasm, integrity and originality make a perfect fit with our commitment to technology and modular products. By putting people first and keeping things simple, we aim to win customers and keep their trust."

For her part, María Dolores Dancausa, CEO of Bankinter, was delighted to partner a company "that has the same strategic values as our bank, such as its multichannel distribution strategy, and a strong digital foothold'. She added that "Liberty Seguros was chosen as a partner not only because of its expertise and track record in this business, by also for its strong footprint in markets where Bankinter has operations and where we want to grow, including Spain, Portugal and Ireland".

About Liberty Seguros

Liberty Seguros is Liberty Mutual Group's largest operation outside of the US and, under a single legal structure, oversees its businesses in Spain, Portugal, Ireland and Northern Ireland.

In business since 1912 and headquartered in Boston, Massachusetts, Liberty Mutual Group is the third largest non-life insurance group in the United States. It employs more than 50,000 people in over 800 offices throughout 30 countries. It operates in these markets through a number of business lines, mainly personal automobile, homeowners, life and liability insurance, striving to offer its customers, brokers and employees the best experience.

It boasts an efficient and solid multichannel business structure operating both through brokers and partners, and through direct business (telephone and internet), with multibrand product distribution: Liberty Seguros in Portugal and Spain, where the Genesis and Regal brands are also marketed, and Liberty Insurance in Ireland. Liberty Seguros has had operations in Spain since 2001, Portugal since 2003 and Ireland since 2011.

With the aim of enhancing customer and broker experience, the insurance company has combined this businesses so it can focus on developing its digital capabilities and on product and service innovation. It does this while putting people first from an open and diverse perspective underpinned by accountability, continuous improvement and simplicity. It pursues the same goal around the world: "Liberty Mutual exists to help people embrace today and confidently pursue tomorrow"

Liberty Seguros news is available through its Twitterprofile, Facebook, Instagram and its press room.

About Bankinter

Bankinter is the sixth largest bank in the Spanish financial system, the fourth in terms of market capitalisation, and the first in profitability and asset quality. It has total of assets of over 107 billion euros , loans and receivables to the tune of 68 billion euros, and 119 billion euros in controlled funds. With operations in Spain, Portugal, Ireland and Luxembourg, Bankinter's strategy is based on a range of complementary business lines, the most important of which are the corporate business, with a focus on the medium and large segments; high net worth customers, where the bank has a market share far exceeding its size; insurance; consumer banking, through its Bankinter Consumer Finance subsidiary; and investment banking through subsidiaries EVA Banco, Bankinter Portugal and Avant Money in Ireland.

Bankinter Group employs more than 6,100 people in Spain and Portugal. It is the only bank in Spain that has maintained its growth in workforce in recent years, and a stable number of branches.

The bank's optimal situation in terms of capital adequacy, profitability and asset quality was endorsed in the latest stress tests carried out on the entire financial sector by the European Banking Authority (EBA); Bankinter was the most resilient Spanish bank in adverse macroeconomic scenarios and the third most resilient in Europe.