Generali Acquires Credit Agricole's Healthcare Insurer La Medicale in EUR435 Million Deal

   By Ed Frankl

Assicurazioni Generali SpA said Tuesday that it will acquire Credit Agricole SA's La Medicale business in a deal that it hopes will strengthen its business in France.

The Italian insurer said the price of the transaction was 435 million euros ($488.7 million), subject to closing adjustments, and is expected to close within 2022.

Generali previously said it was in exclusive discussions to buy La Medicale, Credit Agricole Assurances's subsidiary for healthcare professionals, in November.

"The transaction is a unique opportunity for Generali to strengthen its health-and-protection lines and the overall P&C business in France, while leveraging a market-leading brand dedicated to healthcare professionals," the Trieste-based company said in a statement.

The deal also includes the expected sale of Predica SA's death-coverage portfolio, also owned by Credit Agricole Assurances, and marketed and managed by La Medicale, Generali said.

In the first six months of 2021, La Medicale and the death-coverage portfolio posted net earnings of around EUR16 million and gross written premiums of EUR286 million, Generali added.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

February 01, 2022 13:40 ET (18:40 GMT)

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