Generali in Exclusive Talks to Buy Unit From Credit Agricole -- Update
November 25 2021 - 2:34AM
Dow Jones News
By Cristina Roca
Assicurazioni Generali SpA is in exclusive talks to buy Credit
Agricole SA's La Medicale business, the two companies said late
Wednesday.
La Medicale is Credit Agricole Assurances' insurance subsidiary
for healthcare professionals.
Generali would also buy the death-coverage portfolio of Predica,
a life insurer fully owned by Credit Agricole's insurance
business.
La Medicale's annual premiums stood at 552 million euros ($618.3
million) at the end of last year, including EUR80 million in
premiums related to Predica's death coverage portfolio.
The deal could value the assets at around EUR400 million, a
person close to the negotiations told The Wall Street Journal.
For the Italian insurer, the acquisition would strengthen its
position in the French market. For Credit Agricole Assurances, the
French bank's insurance unit, the deal would reflect its decision
to focus on its bancassurance model of offering insurance through
the group's banks, which offers important synergies.
The deal is expected to close mid-2022, the companies said. Any
agreement remains subject to consultation with the workers' council
and antitrust clearance.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
November 25, 2021 02:19 ET (07:19 GMT)
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