Chile: EuroAmerica wins auction for Le Mans
Published October 25th, 2007
Chilean life insurer EuroAmérica has won the auction for the annuity portfolio of bankrupt Chilean life insurer Le Mans Desarrollo, securities and insurance regulator SVS said in a press release.
EuroAmérica’s offer outbid the only other competitor in the bid, locally owned life insurer Vida Security.
SVS was looking to award the US$77mn portfolio to the life company that offered to pay the pensions of Le Mans’ 3,123 annuity clients for the longest period.
EuroAmérica offered to pay 100% of the clients’ life annuities for 124 months from February 2008-May 2018. Vida Security offered to pay annuities for 116 months, SVS said.
In March 2006, SVS rejected the only bid for Le Mans as it was lower than expected and opened a second round of bidding in August this year.
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