Generali sells another LatAm unit as it seeks transformation into a ‘simpler company’
Generali Group is to sell its business in Panama to ASSA Compañía de Seguros, an insurance player in the region, for $172 million, subject to adjustment on closure.
Generali Group is to sell its business in Panama to ASSA Compañía de Seguros, an insurance player in the region, for $172 million, subject to adjustment on closure.
The Italian insurer said the move is part of its strategy to optimize its geographical presence, increase operational efficiency and improve capital allocation.
Generali has operated in Panama as a branch since 1970 mainly in the P&C segment.
Through ASSA, the Generali Group will remain active in Panama with its international business lines including Generali Employee Benefits, Generali Global Corporate & Commercial and Europ Assistance.
Frédéric de Courtois, group CEO Global Business Lines & International, said: “This transaction is another step forward in the rebalancing of Generali Group’s geographical presence across the world. We are making good progress in the optimization of our geographical footprint.
“We just announced the disposal of Colombia and the transaction of Guatemala and this deal will further help us to achieve our targets and to pursue our strategy to make Generali a simpler and smarter company.”
Antonio Cassio dos Santos, group regional manager for Latin America, added: “We are executing our plan with discipline with the objective to be more focused and stronger in Latin America.”
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