Once the transaction is completed, Credicorp, through its subsidiaries Grupo Crédito SA and Pacífico Seguros, will become the exclusive owner of both the private health insurance business and Pacífico EPS.
Through a statement, Credicorp announced that it reached an agreement to acquire the remaining 50% stake in its joint venture with Empresas Banmedica, from the American insurance company UnitedHealth Group. The closing of the transaction is subject to regulatory approvals and other customary closing conditions.
As a reminder, in December 2014, Credicorp, through Pacífico Seguros and Banmedica established a joint venture to participate as equal partners in the private health insurance market (medical assistance), the corporate health insurance market for employees and the medical services business in Peru.
Under this acquisition, Banmedica will transfer its 50% stake in the private health insurance business in Peru to Pacífico Seguros. In addition, Banmedica will transfer its 50% stake in Pacífico EPS, which manages the corporate health insurance business for employees and medical services in Peru, to Credicorp subsidiary Grupo Crédito SA.
Once the transaction is completed, the partnership will be terminated and Credicorp, through its subsidiaries Grupo Crédito SA and Pacífico Seguros, will become the exclusive owner of both the private health insurance business and Pacífico EPS.
"The acquisition strengthens Credicorp's ability to fulfill its aspiration of creating a more sustainable and inclusive economy by improving access to insurance and healthcare, while advancing financial inclusion in Peru. Credicorp is committed to continue investing in technology, expanding its presence and improving service delivery standards to ensure that Pacífico Seguros and Pacífico EPS remain trusted partners for Peruvian families," Credicorp said in the statement.
Following the transaction, customers, policyholders, agents and other stakeholders will experience seamless continuity. No changes are anticipated to policy terms, service or administration.
