El Corte Inglés and Mutua Madrileña to operate jointly in the insurance market
What: Mutua Madrileña and El Corte Inglés closed their strategic alliance today, implying the sale of the El Corte Inglés insurance business to Mutua Madrileña, specifically the sale of a 50.01% interest in each of its two insurance companies, SECI and CESS.
Why is it important: Grupo Mutua is acquiring 50.01% of each of El Corte Inglés' two insurance companies, SECI and CESS, for a total sum of EUR 550m.
The agreement also entails the acquisition by the insurer of 8% of the shares of El Corte Inglés for EUR 555m.
Thanks to this transaction, Grupo Mutua will become El Corte Inglés’ exclusive supplier of insurance and savings products from 1 June. CESS, the retail group’s former insurance broker, is converting to an insurance agency tied to Mutua Madrileña in order to market the alliance’s insurance products.
This strategic alliance will allow Grupo Mutua to expand its distribution channels and access El Corte Inglés’ extensive customer base, currently reached through over 2,000 points of sale in Spain, Portugal and other international locations. The agreement provides El Corte Inglés’ customers with a better and more comprehensive and personalised insurance offering.