Willkie Represents Zurich in $1.67 Billion Joint Venture Deal with Santander

February 24, 2011

Zurich Financial Services Group agrees to purchase a 51 percent stake in the Central and South American insurance operations of Madrid-based Banco Santander SA.

On February 22, Willkie client Zurich Financial Services Group announced it has signed a Memorandum of Understanding with Madrid-based Banco Santander SA to enter into a 25-year strategic distribution arrangement in Latin America. As part of the transaction, Zurich will acquire a 51 percent stake in the life insurance, pension and general insurance operations of Santander in Brazil, Mexico, Chile, Argentina and Uruguay -- a deal valued at $1.67 billion, including the respective distribution agreements. The alliance with Santander provides Zurich with access to over 5,600 bank branches and an additional 36 million customers in the region, furthering Zurich’s emerging-market strategy in both Global Life and General insurance. Zurich Financial Services Group is a leading multi-line insurance provider with about 60,000 employees serving customers in more than 170 countries. The deal was handled by partners Thomas Cerabino and Adam Turteltaub, and associates Peter Agnetti, Daniel Sirkin and Marshall Silver.