Donnet: “Operation in line with the plan Lifetime Partner 24 “
General has signed the agreement for the acquisition of The Medicala French insurance company aimed at healthcare professionals, following the exclusive negotiation with Credit Agricole Assurances and consultations with works councils, which have given their green light.
The operation – reports a note – also provides for the sale of the portfolio of insurance contracts in the event of death of Preachdistributed and managed by The Medical. In the first six months of 2021, The Medical and the portfolio of death insurance contracts have registered gross premiums of 286 milliona net profit of approximately 16 million and shareholders’ equity of 312 million.
The total consideration for the transaction is equal to 435 millionsubject to adjustments to closing. The estimated impact on the Solvency Ratio of the group is dapproximately -4.3 percentage points. The completion of the transaction is expected by 2022 and remains subject to obtaining the approval from the competent regulatory authorities and guarantors of competition, as required for transactions of this type.
“The complementary skills and professionalism of The Medical – continues a note from Lion – will offer a Generali France the opportunity to establish a solid relationship with healthcare professionals, which represent an important customer segment, and to leverage a market-leading brand. The transaction “will strengthen the health and pure risk lines and, overall, the business Damage to Generali in France from a strategic and commercial point of view. It will also make it possible to strengthen the Generali ecosystem in the health sector and expand the agency network, with over 668 agents and 765 agencies throughout France “.
“The transaction strengthens our presence in France, one of our main markets, and is fully in line with the strategic plan Lifetime Partner 24: Driving Growth launched in December. Thanks to the complementary skills and professionalism of La Medicale we will grow in health lines, pure risk and, overall, in the business Damage“, explained the CEO of Generali Philippe Donnet. In the operation Mediobanca And Zaoui & Co Ltd acted as financial advisors to Generali e Herbert Smith Freehills Paris as legal advisor.
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