Generali, shopping worth 2.3 billion in Spain: buy Liberty Seguros – Corriere.it
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The largest acquisition in the last ten years
one of the largest deals in Europe in the non-life sector which promises higher margins. While for Trieste it is the largest acquisition since 2013 when it bought 2.5 billion Ppf in Central-Eastern Europe. Liberty Seguros, with its 1.2 billion premiums issued in 2022, also contains a treasure trove. The Spanish company sold by the American Liberty Mutual to Generali had in fact recently sold the subsidiary in Brazil, collecting around 500 million which in fact could offset part of the investment. The excess capital can be seen in the Solvency ratio of Liberty Seguros exceeding 330% at the end of 2022. As for the Leone, this operation (advisor Citigroup and Credit Suisse) will impact the Sovency ratio by 9.7 points, equal to 228 in May.
The acceleration
We accelerate the implementation of our strategy by taking advantage of a unique opportunity that will contribute to the growth of the group, said Donnet who with shopping sees a strengthening between Spain, Portugal, where the Lion aims for first place, and the entry into Ireland where Generali makes its debut in retail damage, among the top ten operators. Protagonist alongside Donnet, Jaime Anchstegui Melgarejo, CEO International of Generali: We also won the competition because Leone is an appreciated name on the market. We strengthen the direct channel, add distribution and sales agreements bancassurance, alliances with banks such as Bankinter and gain expertise with the network of brokers in Spain and Ireland. Growth in these strategic markets.
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