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06 May 2021 / deal

Loyens & Loeff advised Telefónica on the migration of Luxembourg insurance business

Telefónica Insurance S.A. successfully received regulatory approvals to relocate its head office from Luxembourg to Spain.

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As the business is also active with branches in the UK and Germany, the project included regulatory approvals from insurance regulators in Luxembourg (CAA), Spain (DGSFP), Germany (BaFin) and the United Kingdom (PRA). In addition to preparing the corporate documentation to move the company’s seat from Luxembourg to Spain, this relocation required close coordination between all regulatory authorities and local counsel to ensure a seamless transition and business continuity.

Working with senior executives at Telefónica, including Amaia Ayerdi Perez (Head of Affinity Insurance) and Omar Chelala Riva (Senior Legal Advisor), we provided comprehensive insurance regulatory and corporate advice for this project, and simultaneously achieved the withdrawal of the Luxembourg insurance licence and the granting of a Spanish insurance licence. As there is no dedicated legal framework for these types of transactions, the team leveraged significant expertise and collaborated closely to ensure success.

The Loyens & Loeff team was led by Michael Schweiger (Head of Financial Regulatory), assisted by Adrien Pierre (Senior Associate), Diogo Dias (Senior Associate), Charles Cahoua (Associate), and Hédi Khedache-Thiriet (Associate).

 

About Telefónica Insurance S.A.

Telefónica Insurance S.A. is the insurance entity of the multinational telecommunications group Telefónica Grupo. The insurance division has approximatively 1.4 million customers and focuses on innovative and digital products. It is one of the leading insurers of electronic devices in Europe. 



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