Generali looks to South America with the assets of Liberty Mutual-Corriere.it
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Liberty Mutual is considering the sale of its South American operations and Generali, along with Zurich and other major global companies, would be among those looking at the dossier. This was reported by the Bloomberg agency, according to which the US group is reportedly working with Jp Morgan on the possible sale, which could be worth about a billion dollars. The divestment process could begin as early as the next few weeks and it concerns operations in Brazil, Chile, Colombia and Ecuador, which could also be sold separately. Generali, contacted, did not comment on the rumors. Over the years, the Lion of Trieste has carried out various operations for the sale and purchase of assets in various countries around the world. here are some.
In Greece
In 2021 Generali completed the acquisition from Axa group of Axa Insurance in Greece, after having received all the necessary authorizations from regulatory bodies and the Antitrust. The acquisition had been announced on 31 December 2020. Following the completion of the acquisition, Generali has extended for a further 20 years the exclusive distribution agreement with Alpha Bank. The operation is in line with Generali’s strategy to strengthen its leadership in Europe and allows the group to secure a leading position in the Non-Life (2) and Health (3) segments and strengthen its presence in Life within the Greek insurance market. Indeed, Alpha Bank among the leading banks in Greece with around 3.1 million customers and a network of over 300 branches.
Going up previously, from signalarAnd the acquisition in Portugal of 100% of the company Seguradoras Unidas and of the services company AdvanceCare by Calm Eagle Holdings Sarl and Calm Eagle Parent Holdings II Sarl, majority-owned by investment funds managed by certain subsidiaries of Apollo Global Management. Then there is the completion of the acquisition of majority stake in Sycomore Factory SAS, the parent company of Sycomore Asset Management, having received clearance from relevant antitrust and regulatory authorities to the proposed partnership in September 2018.
In 2019, the Lion of Trieste completed the acquisition of the entire capital of Adriatic Slovenica in Slovenia. Generali has received approvals from regulatory bodies and competition authorities, including those from the European Commission, Slovenian regulatory bodies and IVASS (the Italian institute for insurance supervision). In June, it closed the acquisition of Union Investment TFI SA in Poland. by the German group Union Asset Management Holding AG.
The sales
2019 started with the completion of the sale of the entire stake held in Generali Belgium SA to Athora Holding Ltd. in line with the agreements announced to the market on April 18, 2018. The transaction was part of the strategy of optimizing the geographical presence and improving operational efficiency and capital allocation. It was finalized in April the sale of 89.9% of the shares of Generali Leben to Viridium Gruppe and, contextuallythe agreement for an industrial partnership with Viridium dedicated to the German insurance market and aimed at managing the Life portfolio. As part of the transaction, Generali retains a 10.1% stake in Generali Leben and a seat on the Supervisory Board. Philippe Donnet, Group CEO of Generali, stated: Germany is a key market for us where we want to grow and with this operation we complete the industrial turnaround of Generali Deutschland. We thus confirm our position as the second largest retail insurer in the German market. In February another operation: the completion of the sale of the entire stake in Generali Nederland NV (and its subsidiaries) to ASR Nederland NV, one of the leading insurance groups operating in the Netherlands. The group also moves to Panama and Colombia. The transactions, announced in the second half of 2017, are part of the strategy of optimizing the geographical presence and improving operational efficiency and capital allocation. The total consideration for these two transactions is approximately €170 million.
More purchases
Finally, after receiving all required Antitrust and regulatory clearances, Generali has signed the definitive agreement for the acquisition of full control of the Polish life insurance company Concordia Capital S.A and of the insurance company operating in the Non-Life branch Concordia Polska TUW by the German property Concordia Versicherung and Vereinigte Hagelversicherung. The acquisition of the Polish companies Concordia will significantly strengthen Generali’s presence in Poland.
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