Chubb Chile completes merger with Banchile Seguros de Vida

PRESS RELEASE from Chubb Chile

October 4, 2021

(Please note that this is a machine translation)

SANTIAGO DE CHILE, October 4 - Chubb announced that it received regulatory approval from the Financial Market Commission ( CMF ) to complete the merger of Banchile Seguros de Vida SA, the life insurer it acquired in 2019, with Chubb Seguros de Vida Chile SA, your local life insurance business, starting October 1.

With the approval of the merger, the companies will unify and operate under the Chubb brand, offering a wide range of life insurance products.

“We are pleased to successfully complete this merger and begin to operate as a single company under a single brand," said Mario Romanelli, President of Chubb Chile. "The acquisition of Banchile Vida in 2019 with the addition of its personnel, infrastructure and platform of TI has tremendously expanded our distribution and presence in Chile, allowing us to serve millions of new customers, even in digitally advanced ways, ”added Mario.

As the world's largest publicly traded property and liability insurance company, Chubb further strengthens its presence in the Chilean life insurance market.

"This is an exciting time for Chubb in Chile with enormous growth opportunities," said Marcos Gunn, Senior Vice President of Chubb Group and Regional President of Chubb Latin America. “Chubb prides itself on its extensive experience in insurance, excellence in underwriting, risk and claims management, as well as the operational transformation and our digital services platform. Now, we are also proud to integrate a solid life insurance offering to our portfolio, enhancing the experience we provide to our clients and business partners to meet their needs, and taking advantage of all the opportunities that the Chilean market can offer, ”added Marcos.

This acquisition process began in December 2019 when Quiñenco SA announced the sale of its insurance business to Chubb Chile.