Debevoise & Plimpton LLP has advised Chubb Limited on the transaction
Chubb Limited (NYSE: CB) has entered into a 15-year distribution agreement with Banco de Chile, the largest bank based in Chile. Under the terms of the agreement, Chubb will distribute its life and general insurance products on an exclusive basis in Chile through Banco de Chile’s multiple channels, including in-branch, automated teller machines, direct marketing and a number of digital channels including mobile, subject to receipt of any applicable regulatory approvals. Banco de Chile will distribute Chubb’s insurance products through its wholly owned captive broker, which has a long track record of insurance sales success through bank channels.
Based in Santiago, Banco de Chile has nearly 400 branches and serves more than 2 million customers across the country. The bank’s business lines include consumer and commercial banking, insurance and stock brokerage, asset management and financial advisory. Chubb will have exclusive rights to sell insurance products currently distributed by Banco de Chile, including credit life, home and fire, theft/personal protection, personal accident, supplemental health, travel and a variety of commercial products. Chubb will also roll out new products over time.
The Debevoise team was led by partner David Grosgold (Picture) and includes associate David R. Rock and international associate Ignacio C. Furfaro.
Law Firms: Debevoise & Plimpton;
Clients: Chubb Limited;