AXA and FCA Bank partner for insurance distribution

These insurance products will also be available at the official dealers of the other brands outside Stellantis, for which FCA Bank (which is headquartered in Italy) acts as a captive bank. A key aspect of the partnership is the reinsurance of GAP (guaranteed asset protection) premiums with the Irish subsidiary of FCA Bank, FCA Capital Re, which engages in the assumption of the risk arising from the policies distributed by FCA Bank.

The partnership has been renewed for two years, starting from 1 January 2021, with an option to extend it for an additional year. The insurance solutions available under the partnership arrangements are:

• Protected credit insurance for Portugal, Switzerland, Austria, Greece, Denmark, and Poland. This insurance coverage protects customers for the repayment of loans in case of events that reduce their ability to fulfil their obligations.
• GAP insurance for Italy, Germany, France, Spain, Portugal, Belgium, Switzerland, Austria, Greece, Denmark and Poland. This policy covers (for the customer) the difference between the market value of the vehicle and the value of the new vehicle, in case of the loss of their car.

FCA Capital Re reinsurer for FCA Bank

FCA Capital Re is headquartered in Dublin and is wholly owned by the FCA Bank Group. It is the Group’s captive reinsurer, assuming the risk arising from the insurance policies distributed by FCA Bank by dealer networks in the main European markets.

The peculiar synergy between AXA Partners, the insurer, FCA Bank, the distributor, and FCAC Re, and the reinsurer, makes it possible to provide valuable insurance coverage with stable rates.

Also in Ireland, AXA Partners renewed its UK and Ireland deal with travel insurer Coverwise.