Generali Acquires Credit Agricole's Healthcare Insurer La Medicale in EUR435 Million Deal
February 01 2022 - 1:55PM
Dow Jones News
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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