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Client Ref.: 283.962
Client and project challenges
Real Estate Developer in consortium between Andorran partner and Spanish company, with activity to be carried out exclusively in Andorra as it is a luxury development.
Our work and approach
They needed to present two guarantees of a high amount, specifically more than 6,000,000 €, to the owners of the land/property where the development was to be carried out.
<!– wpml:html_fragment –> Guarantees to private parties of this type are difficult to place in the market, and if we add to this the amount, it becomes much more complicated. But, in addition, there was an almost greater inconvenience, and it was to issue in Andorra, due to the requirement of the owners.
<!– wpml:html_fragment –> The problem for the client was that in Andorra there are no insurance companies that can issue these guarantees, and alternatives such as fronting from Spain were sought, but they did not fit, even after dealing with C&C Andorra.
<!– wpml:html_fragment –> Guarantees to private parties of this type are difficult to place in the market, and if we add to this the amount, it becomes much more complicated. But, in addition, there was an almost greater inconvenience, and it was to issue in Andorra, due to the requirement of the owners.
<!– wpml:html_fragment –> The problem for the client was that in Andorra there are no insurance companies that can issue these guarantees, and alternatives such as fronting from Spain were sought, but they did not fit, even after dealing with C&C Andorra.
Results
All that remained was to convince the owners that, being Andorra, issuing directly in Spain was not a problem, since in case of execution of the guarantee, they would only have to cross the border. After a couple of months of negotiations and conversations, it was possible to convince the parties, find a fit for the guarantees with Aserta and issue with annualized premiums of about 125,000 € and a duration of almost 3 years.
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