Pinnacle Insurance plc's ultimate parent company BNP Paribas has combined all of its insurance businesses in France into one holding company.
Pinnacle Insurance plc's ultimate parent company BNP Paribas has combined all of its insurance businesses in France into a new entity - BNP Paribas Assurance.
The brands Cardif, Natio Vie and Natio Assurance will continue to be used throughout the financial services group.
BNP Paribas is determined to make the insurance business one of the engines driving its growth both in and outside of France. The creation of this holding company is France's fourth largest life insurance group and at the forefront of property and casualty insurance solutions through its partnership with AXA.
The organisation has a workforce of 3000. In 2002, BNP Paribas' insurance businesses posted €8.2bn in premiums. In the first nine months of 2003, revenues grew 9% and pre-tax income was €276m - up 15% compared to 2002.
Paul Villemagne and Eric Lombard will be chairman and managing director respectively.
