Generali strikes €435m acquisition deal to expand in France
Italy's Generali has struck a €435 million deal to acquire La Médicale from Crédit Agricole Assurances in a move to expand its health and protection lines and the overall property/casualty (P&C) business in France.
The transaction also foresees the sale of Predica’s death coverage portfolio, which is managed by La Médicale.
Generali said the acquisition represents a key strategic opportunity for growth. It will expand the insurer’s French distribution capacity and strengthen its business from both a strategic and commercial perspective. It will also boost Generali’s health sector ecosystem and the expansion of its general agents network, with over 668 agents and 765 agencies across France.
The transaction is expected to close within 2022 and remains subject to the authorisation of antitrust and regulatory authorities.
Philippe Donnet (pictured), Generali Group CEO said: “The transaction will strengthen our presence in France, one of our core markets, and is fully in line with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy, launched in December. Thanks to the complementary skills and expertise of La Médicale, we will grow in the health and protection lines and the overall P&C business, while extending our Lifetime Partner ambition to an important customer segment. The acquisition also demonstrates our disciplined approach in evaluating opportunities, always looking to create value for all stakeholders.”
Jean-Laurent Granier, country manager France & Europ Assistance, said: “With the acquisition of La Médicale we are expanding to include the dedicated insurance market for healthcare professionals, as part of our multi-specialist approach. We also confirm the vital role played by agents in our distribution model, they play a central part in serving our customers as their Lifetime Partner throughout the years.”
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