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Citibanamex, a subsidiary of Citigroup Inc. (NYSE: C), and Chubb Seguros México, a subsidiary of Chubb Limited (NYSE: CB), announced a definitive long-term agreement Chubb will offer a broad range of non-life insurance to Citibanamex customers in Mexico, subject to regulatory approvals.
Under the terms of the agreement, Citibanamex will distribute insurance products Chubb damage. in its branches and through various direct and digital marketing channels.
The agreement includes insurance damages for automobiles homes, persons and small ] and medium-sized enterprises (SMEs), insurance accidents and health, as well as commercial covers of goods and civil liability for large companies.
Citibanamex and Chubb they also entered into a separate bond agreement, through which Chubb will market bond products for the benefit of Citibanamex's corporate clients. Products for individuals and SMEs will be marketed under the well-known brand ABA Productos, owned by Chubb. Citibanamex and Chubb plan to start the distribution at the beginning of 2019.
The agreement is a sign of Citibanamex's commitment to offering its customers the best products and services. services of its kind, and supplement the life insurance offered by Citibanamex Seguros. Citibanamex is one of the most important financial institutions of Mexico, with a large brand positioning and a vast commercial banking network of about 1,500 branches and 9,000 ATMs. In addition, Citigroup invests one billion dollars in its operation
in Mexico to become the leading bank of data and digital data by 2020.
Chubb offers a global experience of insurance to its local operations in 54 countries, as the world's largest property and liability insurance company, and as the largest commercial insurer in the United States. With more than 60 offices across the country, Chubb Seguros México ranks second in property damage and auto insurance in Mexico, being recognized for its excellent service, as well as for its ability to immediately support its clients in case of accidents and losses.
"At Citibanamex, Chubb has found an excellent bancassurance partner, market leader, with excellent positioning long-term relationships with its customers, and a well-deserved reputation for its high quality products and services", said Marcos Gunn, president of the Latin America North Region and COO Latin America Chubb
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