MetLife, Banco Santander To Restructure

Seguros Genesis, the joint insurance venture of Metropolitan Life Insurance Co. and Banco Santander Central Hispano will undergo a restructuring resulting in a 60 percent equity participation by Banco Santander and 20 percent each for MetLife and Assicurazioni Generali S.P.A.

Businesses sold through multiple distribution channels will remain part of Seguros Genesis, with MetLife holding 80 percent of Seguros, with Banco Santander reducing equity ownership to just 20 percent. Seguros was established as a 50-50 partnership by MetLife and Banco Santander in 1988.