Adeslas Profile

Company: 
Adeslas
Author: 
Jane Lethbridge
Date published: 
2010

Owners: In 2009, Criteria CaixaCorp, (La Caixa) bought 99,79% of Adeslas for €1.178 millons from Suez Environnement and the Malakoff Médéric group.

 

Address:

Compania de Seguros Adeslas SA

Principe de Vergara, 110

10 – 28002 Madrid

Spain

Tel: 91 566 50 00

Fax: 91 563 43 20

www.adeslas.es

 

EWC: NO

 

Number of employees: 2,915 (2,066 hospital employees and 849 insurance employees)

 

1.1.1       Company activities and strategy

Adeslas is a Spanish health care company operating both health insurance and health care services.   Its insurance division specialises in the production, management and distribution of health insurance policies. It has about 1.5 million members and about 25% of the Spanish health insurance market

 

On 1 January 1999, Adeslas, a Spanish health insurance and health services company took over the management of Alzira Hospital, previously the publicly owned Hospital de la Ribera, Valencia.   Adeslas (51%) together with two banks - Bancaixa and the Caja de Ahorros del Mediterráneo (45%) - and two construction companies - Dragados  (construction and services) and Lubasa (2% each) – formed the Union Temporal de Empresas (UTE), which was given the concession to build and manage the public hospital for 10 years.  The group was paid a set amount per head of population each year, initially 34,000 pesetas per head. [i]

  

Until 2009, Aguas de Barcelona (Agbar) was the majority shareholder in Adeslas.  In July 2003, Aguas de Barcelona had sold 25% of its holdings in Adeslas to Mederic, a French insurance company.   By 2007, Mederic had increased its holding to 45%. In 2009, Criteria CaixaCorp, bought 99,79% of Adeslas for €1.178 millons from Suez Environnement and the Malakoff Médéric group and also agreed to sell its shares in Agbar to Suez.[ii]  Caixa will use this acquisition to strengthen its insurance arm, SegurCaixa, which will be the leader in life and health insurance and pensions in Spain. [iii]