Allende & Brea advised ING Insurance

The leading global insurance company Zurich International Life Ltd.'s argentine branch acquired from the argentine branch of Nationale-Nederlanden Levensverzekering Maastschappij N.V. (ING Insurance) all of its outstanding life insurance policies issued in Argentina.

The transaction is subject to obtaining the relevant regulatory authorisations and apporvals, and it involves approximately 60.000 life insurance policies issued by ING Insurance. The insurance policies absorbed by Zurich are in the field of life, accidental death, health and disability.

The agreement was structured as an assignment of insurance policies ("cesión de cartera") as provided under Sections 46 and 47 of Argentine Law number 20,091, and a Partial Transfer of an Ongoing Concern ("transferencia de fondo de comercio"), as provided under Argentine Law number 11,867.

Zurich was advised by Cibils, Labougle & Ibáñez through partners Joaquín Ibáñez and Joaquín Labougle, and associates Pablo Cozzi, Alfredo Klein and Cecilia de Achával. It was also advised by its in-house legal department through Carlos Lodeiro and Paula Suarez Anzorena.

ING Insurance took advise from Allende & Brea through partner Pablo G. Louge and associates Santiago J. Sturla, Laura Santanatoglia and Julián Peña.