FCA Bank and AXA partners have renewed their partnership for two years for the distribution of guaranteed asset protection (GAP) and protected credit insurance products. The partnership renewal started on 1 January 2021, with an option to extend it for an additional year. Premiums are reinsured by FCA Capital Re, Irish captive of the FCA Bank Group. The insurance solutions available under the partnership arrangements include 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. Meanwhile, it also covers 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 loss of the car. The distribution of insurance products is included in the financing solutions provided to customers for the purchase of a car from the Jeep, Alfa Romeo, Maserati, Fiat, Lancia, Fiat Professional and Abarth dealer network. These insurance products will be available also at the official dealers of the other brands outside Stellantis for which FCA Bank acts as a captive bank A key aspect of the partnership is the reinsurance of GAP 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. Headquartered in Dublin and wholly-owned by the FCA Bank Group, FCA Capital Re 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.
