Partner for Life

18.06.18

Global Bankers Insurance Group to acquire Pramerica Life S.p.A.

duomo_milano

 

Global Bankers Insurance Group (“Global Bankers”) announced on 14th of June that one of its affiliates has entered into a definitive agreement to acquire Pramerica Life S.p.A. (“Pramerica”) from a subsidiary of Prudential Financial, Inc. (“PFI”).

The Global Bankers affiliate acquiring Primerica Life S.p.A. is Bankers Insurance Holdings S.A. in Luxembourg, the holding entity of GB Life Luxembourg S.A. This reconfirms Luxembourg’s position as a European hub.

For more information, please see hereunder the press release from Global Bankers.

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(London, United Kingdom) – Global Bankers Insurance Group, LLC (“Global Bankers”) announced today that one of its European affiliates has entered into a definitive agreement to acquire Pramerica Life S.p.A. (“Pramerica”) from a subsidiary of Prudential Financial, Inc. (“PFI”). Headquartered in Milan, Pramerica is an Italian insurance company focused on protection-oriented life insurance products with €1.1 billion of total assets as of 31 December 2017.

Matteo Castelvetri, Managing Director of Europe for Global Bankers, said that the acquisition marks Global Bankers’ entrance in the Italian insurance market, one of the most attractive in Europe. “We are proud to take over the legacy of PFI. We see a strong opportunity for profitable growth in Italy and Pramerica will be a key part of our strategy in Europe. We are delighted to welcome the Pramerica team to Global Bankers and look forward to working with its employees, Life Planners, banking partners and agency relationships to continue to secure the future needs of families across Italy.”

James Weakley, President of Europe, Latin America and India for PFI’s International Insurance business said, “We are pleased that, in Global Bankers, we found a buyer committed to the ongoing growth of Pramerica and the opportunities that it will provide to employees, associates, partners, and policyholders.” PFI will continue to be present in Italy through UBI Pramerica SGR, its asset management joint venture with UBI Banca.

Pramerica is Global Bankers’ fourth acquisition in Europe. The transaction is expected to close in six to nine months, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

A.T. Kearney, Ernst & Young and Legance are acting as advisors to Global Bankers in connection with this transaction. Clifford Chance and KPMG are acting as advisors to PFI.

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Global Bankers Insurance Group, LLC is an international family of insurance and reinsurance companies, focused on life insurance and annuities. Global Bankers’ portfolio of insurance companies includes, amongst others, GB Life Luxembourg in Europe and Colorado Bankers Life Insurance Company in the

United States. Global Bankers also has operations in the United Kingdom, the Netherlands and Bermuda and is headquartered in Durham, North Carolina. Global Bankers is a division of Eli Global, LLC. For further information, please visit www.globalbankers.com.

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Headquartered in Milan, Pramerica Life S.p.A. has been in operation since 1990 and sells its products mainly through the Life Planner® channel. Pramerica specializes in the life insurance market and offers innovative protection, retirement and savings solutions to families, individuals, small and medium business owners and professionals. Pramerica also distributes its products through indirect sales networks of insurance agents, brokers and banks. For more information, visit www.pramericagroup.it.

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PFI, a financial services leader, has operations in the United States, Asia, Europe and Latin America. PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. of the United Kingdom.

Adam Joseph

Chief Actuary Officer (CAO)

15 years of experience in the financial services industry include roles in asset management, actuarial consulting, risk management, and corporate M&A. Adam Joseph joined GB Life Luxembourg in January 2018 to serve as Chief Actuary Officer. Adam started his career in asset management and corporate finance research.  Since 2007, Adam has been intricately involved in Solvency II – from supporting the technical and strategic Solvency II papers/activities of the CRO Forum, to playing a key role in the transition of ING/NN Group’s economic framework to a Solvency II risk and capital framework.  In his last role, Adam worked in NN Group’s Corporate Finance as a Principal for the group’s Corporate M&A. Adam graduated from Rhodes University, South Africa in 2001.

José Bustillo

Chief Operations Officer (COO)

José Bustillo has a long-standing experience in managing and auditing complex and large projects in back-office operations environments. He joined GB Life Luxembourg in 2017 as Chief Operation Officer after more than 30 years of experience in the financial industry among others with Euroclear. Prior to joining GB Life Management Team, José was a partner with a risk management specialized consultancy firm, now part of McKinsey & Company. His main focus was on Solvency II. José holds a Civil Engineering degree from the Université Libre de Bruxelles.

Gaëlle Leclaire

Chief Legal & Compliance Officer (CLCO)

Gaëlle Leclaire has 20 years of experience in the life insurance sector. She started her career as a financial auditor in France before moving to Luxembourg. She has previously worked for Mazars, PWC and ABN AMRO Life S.A.. She joined GB Life Luxembourg in 2008 and joined the Board in 2009 as CFO. She took over the position of COO in 2015, where she was also responsible for Product Management. In 2017, she recently took over the position of Chief Legal and Compliance Officer within GB Life Luxembourg. Gaëlle is graduated from a Business School and has professional certification in Accountancy and Finance.

Will Romero

Head of Risk & Strategy, Global Bankers

Will has served in leadership positions at Financial Guaranty, Benfield, Swiss RE, Ernst & Young and New York Life. Most recently, he created Factor Re, a low cost and efficient financing vehicle for the embedded value in life insurance blocks. Will holds a B.A. with honors from Yale University, a J.D. from the University of Colorado, and an LL.M. in Taxation from New York University.

Matteo Castelvetri

Chief Executive Officer (CEO) Europe, Global Bankers

Matteo joined Global Bankers Insurance Group after spending 19 years in Investment Banking at Morgan Stanley and Goldman Sachs. As a Managing Director of Morgan Stanley’s Financial Institution Group, he led the European Insurance effort and held primary coverage responsibility for several European large cap insurers. He has advised on over 50 transactions and has originated and executed some of the most prominent insurance M&A events, restructuring and IPOs in Europe. Matteo started his career at Goldman Sachs as a government bond and distressed debt investor first and then as an advisor to banks and insurers. He received a summa cum laude Bachelor Degree in Economics from Bocconi University in Milan and also holds a Bachelor Degree in Classical Guitar.

George Luecke

Vice Chairman & Co-CEO, Global Bankers

George has over twenty years of experience in the insurance and financial services industries, in executive roles spanning Finance, Strategy, Corporate Development/M&A, Investments, Enterprise Risk Management, Treasury, Investor Relations and Law. He has held leadership positions at large, global firms such as MetLife and was a founding member of the Financial Institutions Group at Bank of America. In addition to operating experience, he has been involved in over $50 billion of closed M&A and financing transactions. George began his career as a corporate attorney at Simpson Thacher & Bartlett in New York City. He earned a J.D. with honors from Harvard Law School and a B.S. in Management/Finance with honors from Binghamton University. He lives in Morrisville, North Carolina with his wife and three children.

Victor Rod

Chairman of the Board

Victor Rod earned a law degree at University of Nancy (France) in 1973. After a short period as an attorney at the Luxembourg bar, he served as secretary general of the Luxembourg insurance companies association (ACA).

In 1980 he was appointed first full time director of the Luxembourg insurance supervisory authority (Commissariat aux assurances). He has been the longest serving head of an insurance supervisor in Europe until his retirement on 31.12.2014

Victor served as Alternate Chair of the European Insurance and Occupational Pension Authority (EIOPA) headquartered in Frankfurt since its inception until his retirement.(2010 – 2014)

He was also Luxembourg’s delegate at European Insurance and Occupational Pension Committee (EIOPC) in Brussels and a member of the executive committee of the global standard setter in insurance matters International Association of Insurance Supervisors (IAIS) in Basel.

Victor served as a chairman of a Luxembourg Bank for 25 years. In addition to serving as chairman and independent director of GBLife, Victor is sitting on the board of a large domestic retail insurance company and he has a 20 years experience as a non-executive board member of World’s largest satellite operator.

Since 2015, Victor serves as Of Counsel with Luxembourg’s largest independent law firm Arendt & Medernach (A & M) where he mainly advises on insurance and reinsurance legal, regulatory and technical matters.

Christophe Hucque

Chief Finance Officer (CFO)

Christophe Hucque has an extensive experience in the insurance domain. Christophe joined GB Life Luxembourg (formerly ING Life Luxembourg) in 2000 as Actuary. Since 2006, he has covered several leading position within GB Life Luxembourg. He joined the Management Team in 2006 as CFO/CRO. Between 2007 and 2009, he combined the CFO position for both ING Life Luxembourg and ING Variable Annuities Europe (The Hague, NL), dealing with the Europe-wide roll-out of the Variable Annuities product suite. Christophe moved to the COO position in 2009 where he was also responsible for Product Management and the commercial relationship with ING Bank. He has been back in the CFO position since 2015, also responsible for Risk between 2015 and 2017. Christophe holds several degrees in Mathematics and in Actuarial Sciences.

Pieter Coopmans

Chief Executive Officer (CEO), GB Life Luxembourg

Pieter Coopmans has over 20 years of experience in the insurance and banking industries, in different leadership positions. Before joining GB Life Luxembourg in 2012 as Chief Executive Officer and Dirigeant Agréé, he held management/executive roles in leading financial service providers such as NN Group, Zurich Financial Services, SNS Reaal and ING Group. Pieter has played a key role in the disentanglement and rebranding process of GB Life from the ING/NN Group and the repositioning of the company in the cross border life insurance space. Under his responsibility, the leadership team prepared and executed the sale of GB Life to an affiliate of Global Bankers Insurance Group in 2017. Pieter holds a Bachelor in BA from European University and a Master in BA from Nyenrode University in Breukelen.