MEXICO CITY and NEW YORK, June 28, 2018 /PRNewswire/ -- Citibanamex, a subsidiary of Citigroup Inc. (NYSE:C), and Chubb Seguros México, an affiliate of Chubb Limited (CB), announced today a definitive long-term agreement whereby Chubb will offer a broad range of non-life insurance products to Citibanamex's consumer bank clients in Mexico, subject to regulatory approvals.
Under the terms of the agreement, Citibanamex will distribute Chubb non-life insurance products through Citibanamex branches and a variety of digital and direct marketing channels. The agreement encompasses property and casualty (P&C) coverages for auto, home, individuals and small-to-medium enterprises (SMEs), accident and health (A&H) insurance products, and commercial P&C coverages for larger businesses. Citibanamex and Chubb have also entered into a separate agreement covering surety, whereby Chubb will market surety products to Citibanamex commercial customers. The consumer and small business products will be distributed under Chubb's well-known Mexican brand, ABA Productos. Citibanamex and Chubb expect to commence distribution in early 2019.
The agreement is part of Citi's emphasis on expanding access to best-in-class products and offerings, complementing the life insurance products offered by Citibanamex Seguros. Citibanamex is one of Mexico's premier financial institutions with top brand recognition and a vast retail banking network of approximately 1,500 branches and approximately 9,000 automated teller machines. Citi is investing $1 billion to make its Mexican operations the leading digital and data-driven "Bank of the Future" by 2020.
As the world's largest publicly traded P&C insurance company and the largest commercial insurer in the U.S., Chubb brings global insurance expertise to its local operations in 54 countries. With over 60 offices across the country, Chubb Seguros México is the second-largest P&C and auto insurance company in Mexico and is recognized for its excellent customer service and ability to promptly support its customers in the event of an accident or loss.
"In Citibanamex, Chubb gains a bancassurance partner that is a leader in its market, has excellent brand recognition, deep customer relationships, and a well-deserved reputation for high-quality products and services," said Marcos Gunn, Division President, Northern Latin America and Chief Operating Officer of Latin America for Chubb. "This exclusive long-term distribution agreement will provide an excellent opportunity for Chubb to add to its already substantial operations in Mexico. We're pleased to be Citibanamex's partner in offering innovative insurance products and outstanding customer service to their large base of individual and commercial customers as the bank continues to make substantial investments in smart branches and digital banking. This alliance is also based on the commitment of both institutions to the development and future of Mexico."
"This agreement demonstrates Citibanamex's strong commitment to providing our clients with access to top quality products and services," said Ernesto Torres Cantú, CEO of Citibanamex. "Chubb is an outstanding partner and we know that our clients will benefit from Chubb's expertise, market-leading position and innovative products. The agreement is another example of the enhancements we continue to make across our Citibanamex franchise to better serve clients."
About Chubb Seguros México
Chubb Seguros México was created from the merger of three world-class insurance companies, ACE Seguros, ABA Seguros and Chubb de México. Today the company operates under two brands: ABA Productos for personal lines including auto, homeowners, personal accident, supplemental health and life insurance, as well as coverages for SMEs; and Chubb for commercial property and casualty lines for corporate customers. With over 60 offices across the country, Chubb Seguros México has more than 3,000 employees and is the second-largest P&C and auto insurer in the Mexican market. The company differentiates itself by its excellent customer service, response time and outstanding financial strength, with a rating of mxAAA by Moody's. For more information, please visit: www.chubb.com/mx.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
Grupo Financiero Banamex, S.A. de C.V. (Grupo Financiero Citibanamex) is the leading financial group in Mexico. Following a universal banking strategy, the Group offers a variety of financial services to companies and individuals, including commercial banking and investment, insurance, and investment management. Its subsidiaries include Banco Nacional de México, S.A., founded in 1884, which has an extensive network of distribution of 1,477 branches, 8,960 ATMs and more than 23,087 offices located throughout the country.
Additional information may be found at www.citibanamex.com | Twitter: @Citibanamex |
YouTube: www.youtube.com/c/Citibanamex | Facebook: www.facebook.com/Citibanamex |
LinkedIn: www.linkedin.com/company/Citibanamex | Instagram: www.instagram.com/Citibanamex
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements made in this press release, such as those related to the manner and expected timing of commencement of distribution, and other expectations, intentions and statements that are not historical facts, reflect Citi's and Chubb's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, receipt of required regulatory approvals, general competitive, economic, political and market conditions and fluctuations, and judicial, legislative, regulatory and other governmental developments, as well as Citi and Chubb management responses to these factors. In addition, you should carefully consider the risks and uncertainties and other factors identified in each of Citi's and Chubb's respective filings with the Securities and Exchange Commission (SEC).
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Each of Citi and Chubb undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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