Norton Rose Fulbright advises Covéa Group on revamping agreements with Banco BPM in the bancassurance sector

Global law firm Norton Rose Fulbright has advised the Covéa Group (Covèa), a leading French insurance company, on the undersigning, with the Italian bank, Banco BPM, on its revamped agreements. The agreements are aimed at modifying their existing strategic partnership in the bancassurance sector and relates to the joint venture between Bipiemme Vitae and Bipiemme Assicurazioni.

The revamped agreements regulate distribution agreements between Covèa and Banco BPM, the options exercisable by each, and more generally the governance and the main terms of their partnership.

Bipiemme Vita, owned 81% by Covéa Coopérations and 19% by Banco BPM, is active in the life insurance sector, while Bipiemme Assicurazioni, owned entirely by Bipiemme Vita, operates in the non-life business.

The Milan- based team was co-led by partners Salvatore Iannitti and Claudio Di Falco and included associates Maria Beatrice Gilesi and Benedetta Orsini.

Salvatore Iannitti commented:
“This matter highlights the expertise of our corporate, regulatory and M&A lawyers in the financial services sector. We look forward to working for Covéa in its future endeavors.”