Generali and Credit Agricole enter into exclusive negotiations for the purchase of La Medicale
General formalizes the deal with Credit Agricole to buy La Medicale, which specializes in health insurance. The exclusive, second Reuters, could be agreed before the end of the year. For Generali – explains the note – the acquisition represents a strategic opportunity for growth, which can also be reached thanks to the positive collaboration with Cre’dit Agricole.
Furthermore, “the transaction will strengthen the health and pure risk lines and, overall, the Non-Life business of Generali in France, from a strategic and commercial point of view. strengthen the Generali ecosystem in the health sector and of expand the Generali agency network, with over 668 agents and 765 agencies throughout France “.
Founded in 1948, The Medical is one of the main players in the insurance market for healthcare professionals in France, which at the end of 2020 collected annual premiums of 552 million (of which 80 million in premiums relating to the death portfolio insured by Predica) and more than 600,000 policies in portfolio.
In addition, La Medicale has in France as well 300,000 customers and its products are distributed by a specialized network of approximately 125 Generali agents in 45 agencies. The project – continues a note – reflects the commitment of Credit Agricole Assurances to focus on the continuous development of its bancassurance model, a source of significant synergies with the other companies of the Credit Agricole Group.
Any agreement deriving from these exclusive negotiations is subject to the opinion of the works councils and to obtaining the approval of the competent regulatory and competition authorities. The closing of the operation is expected in the middle of 2022
#GeneraliAgricole #exclusive #negotiation #purchase #Medicale #year