Generali in exclusive deal talks with French insurer Crédit Agricole
Italy’s Generali is buying a leading player in the French insurance market for healthcare professionals, in a move it hopes will strengthen its health and protection lines and the overall P&C business in France both strategically and commercially.
Generali has entered into exclusive negotiations with Crédit Agricole for the acquisition of its insurance subsidiary La Médicale. The transaction also foresees the sale of Predica’s death coverage portfolio, marketed and managed by La Médicale, to Generali France.
La Médicale's current annual premiums stand at €552 million (including €80 million in premiums related to the death coverage portfolio insured by Predica) and more than 600,000 policies in its portfolio at the end of 2020. Its products are distributed by a specialised network of almost 125 general agents across 45 agencies.
Generali said the acquisition represents a key strategic opportunity for growth. La Médicale’s complimentary skills and expertise will offer Generali France the opportunity to establish a strong relationship with healthcare professionals, as well as expand its general agents network.
Any agreement resulting from these exclusive negotiations remains subject to the consultation of the workers’ council and the authorisation of the relevant antitrust and regulatory authorities.
The transaction is expected to close mid-2022.
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