Generali acquires two companies in Portugal

Generali has strengthened its presence in Portugal with
the acquisitions of Seguradoras Unidas and AdvanceCare.  

Seguradoras Unidas is the second largest non-life
enterprise operator in Portugal with a 15.5% market share. The corporate additionally
operates within the life section and posted complete gross insurance coverage premiums of
roughly €800m in 2018.

The acquisition makes Generali Portugal’s second largest
non-life participant with a market share of 18.7%. In life, the transaction will
permit Generali to leverage Seguradoras Unidas’s company community to develop
safety merchandise.  

Jaime Anchústegui Melgarejo, chief govt worldwide
of Generali, mentioned the transaction will allow us the corporate to optimise its
strategic positioning within the nation, seize future progress alternatives,
obtain important price synergies and make sure the operational solidity of Europ
Help within the Portuguese market.

AdvanceCare, a service platform working primarily in
the healthcare sector, is Portugal’s second largest personal participant with a
market share of round 30%.

Anchústegui Melgarejos mentioned the cope with assist the group
to amass robust know-how within the healthcare sector and a scalable platform to
develop in different nations.

“These acquisitions are an essential step within the
implementation of the group’s three-year technique, which goals to strengthen our
management in Europe,” he added. 

Generali has been current in Portugal since 1942 and
operates by means of two corporations: Generali Vida Companhia de Seguros, working
within the life section, and Generali Companhia de Seguros, energetic within the non-life
section.

Seguradoras Unidas is being acquired for €150m and
AdvanceCare for €90m, topic to regulatory approvals.