Santander enhances insurance business with the appointment of new holding company’s management team

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Francisco del Cura, currently Global Head of Insurance, will become chair of Santander Insurance Holding and Armando Baquero will be CEO. Both will report to Víctor Matarranz, Senior Executive Vice President of Grupo Santander and Global Head of Wealth Management & Insurance.

The new holding company brings Grupo Santander’s insurance companies worldwide under one roof to enhance their value proposition and service to customers in the bank’s markets.

Madrid, 20 September 2023.
Santander is advancing towards the launch of Santander Insurance Holding, a new company to reorganise and oversee its insurance businesses across the world. Santander Insurance Holding will enhance the Group’s insurance operations, with a simpler structure, a better proposition and excellent customer service in all of the bank’s markets. Following registration of Santander Insurance Holding, the bank has appointed its leaders.

Armando Baquero, Global Head of Insurance and CEO of Santander Insurance Holding

Francisco del Cura, who has been at Grupo Santander for over 18 years and is the current Global Head of Insurance, will chair the board and oversee relations with partners, supervisors and industry associations. Armando Baquero, former Santander Strategy Director and CFO of Wealth Management & Insurance, rejoins the bank after several years working in insurtech to be Global Head of Insurance and CEO of Santander Insurance Holding. Both will report to Víctor Matarranz, Senior Executive Vice President of Grupo Santander and Global Head of Wealth Management & Insurance. The appointments are subject to regulatory approval.

Francisco del Cura, president of Santander Insurance Holding

Santander Insurance Holding will preside over the bank’s insurance companies and will report to Spain’s insurance regulator. According to Víctor Matarranz: “The new structure will enable us to enhance our value proposition and customer service, coordinate management of our insurance companies, and strengthen oversight.” Santander Insurance Holding is expected to complete the integration of the businesses, subsidiaries and joint ventures by the end of this year.

A cornerstone

Santander runs its insurance business through wholly-owned companies, special distribution agreements, and partnerships with other insurers, like Mapfre and Aegon in Spain and Portugal, Zurich and HDI Global in Latin America; Allianz in Poland, and CNP Assurance for the global Santander Consumer business.

Insurance is a key business area in Grupo Santander. Last year, its contribution to Group profits grew 18% year-on-year to 1,458 million euros (without one-off, non-recurrent effects on the 2021 financial statements and 3% with those effects). Fee income reached 1,714 million euros, up 10%.

Image by: Santander

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