Groupe BPCE and Natixis Extend Their Insurance Partnership With Covea Group for Caisse D’Epargne and Banque Populaire Professional Clients

PARIS, France, May 10 -- Groupe BPCE, a banking company, issued the following news release:

This fresh initiative meets the goals set out in Groupe BPCE's strategic plan, TEC2020, and that of Natixis, New Dimension, which aim to make Groupe BPCE a fully-fledged bancassurer and develop a single operating model at Natixis Assurances for non-life insurance for retail and professional customers.

From January 1, 2020, new motor and home insurance policies for Banque Populaire and Caisse d'Epargne retail customers will be managed directly by a single platform, BPCE Assurances/[1], a 100% subsidiary of Natixis Assurances.

As part of this extended partnership, BPCE IARD/[2], which is jointly owned by Natixis Assurances and Covea Group, will continue to meet professional clients' insurance needs for both banking networks, in line with Covea Group's Cove@venir 2021 strategic plan.

This partnership is a natural extension of the longstanding business relationship between the Groupe BPCE banks and Covea Group in the non-life insurance sector since 1994. The partnership has an initial duration of five years and is renewable by five-year periods thereafter.

The arrangement also outlines the conditions for managing policies taken out by Banque Populaire retail customers before December 31, 2019, as they will continue to be managed by Covea Group in accordance with currently applicable terms and conditions.

Christine Fabresse, head of Retail Banking and Insurance, member of the management board, Groupe BPCE said: "Groupe BPCE set the strategic goal of becoming a leading insurer at the service of its clients by the end of 2020. This partnership allows us to realize this objective and will enable the Banque Populaire and Caisse d'Epargne banks to further enhance the services they already provide to their retail and professional clients."

Jean-Francois Lequoy, member of the Natixis Senior Management Committee in charge of Insurance for Natixis said: "This partnership marks a major milestone in our insurance strategy, and fits clearly with our New Dimension goals, bolstering our position as a leading insurer in France."

Joaquim Pinheiro, Managing Director, Customer Relationship, Covea Group, said: "This renewed partnership is resolutely in line with our Cove@venir 2021 strategic plan. It supports the growth momentum we are seeing on the professional client market and our aim to expand in new areas and assert our leadership position."

[1] BPCE Assurances, a fully-owned subsidiary of Natixis Assurances, is currently devoted to non-life insurance for Caisse d'Epargne individual customers.

[2] BPCE IARD, co-owned equally by Natixis Assurances and Covea Group, currently provides non-life insurance for Banque Populaire individual customers and also insures Banque Populaire and Caisse d'Epargne professional clients.

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Groupe BPCE, Natixis and Covea Group have finalized an agreement to renew their partnership on professional risk insurance for Caisse d'Epargne and Banque Populaire customers from January 1, 2020. As of this date, Natixis Assurances will manage new non-life policies for retail customers of Banque Populaire in addition to those of Caisse d'Epargne.