Generali has agreed to acquire La Médicale, an insurance company for healthcare professionals, for an expected €435 million as part of the company’s strategic growth plan.
The acquisition follows the exclusive negotiation with Crédit Agricole Assurances, which was announced last November, and the consultation of the dedicated workers’ councils.
The transaction also foresees the sale of Predica’s death coverage portfolio, marketed and managed by La Médicale.
In the first half of last year, La Médicale and the death coverage portfolio have recorded strong financial performance, with gross written premiums of €286 million, net earnings equal to approximately €16 million and shareholders’ equity of €312 million, the latter related to La Médicale only.
The transaction is fully in line with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy and confirms the group’s commitment to deliver sustainable growth whilst creating value for customers, consistent with Generali’s Lifetime Partner ambition.
La Médicale will offer Generali France the opportunity to establish a strong relationship with healthcare professionals, an important customer segment, whilst being able to leverage a market leading brand.
The transaction will strengthen Generali’s Health and Protection lines and the overall P&C business in France from both a strategic and commercial perspective.
The transaction is expected to close by the end of the year and remains subject to regulatory approval.
Philippe Donnet, 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.”