Italian insurer Generali has completed its acquisition of La Médicale, the insurance subsidiary for healthcare professionals Crédit Agricole Assurances.
As well as this, Generali has also completed the purchase of Predica’s death coverage portfolio, which is marketed and managed by La Médicale. following all necessary approvals from the relevant regulatory and competition authorities.
The acquisitions were completed following all necessary approvals from the relevant regulatory and competition authorities.
Talks of the acquisition started in November 2021.
Moreover, this acquisition is part of Generali’s strategy to strengthen its distribution through agents and to consolidate its position in the professionals market by acquiring a specific network of independent health professionals.
Mediobanca Banca di Credito Finanziario S.p.A. and Zaoui & Co. Ltd acted as financial advisors to Generali for the transaction and Herbert Smith Freehills Paris LLP as legal advisor.
“The success of this acquisition strengthens our presence in France, one of our most important markets,” said Philippe Donnet, Generali Group CEO.
“This transaction is in line with our ‘Lifetime Partner 24: Driving Growth’ strategic plan and allows us to reinforce our position in the Health, Personal Protection and Property & Casualty segments while extending our Lifetime Partner ambition to new customers. This acquisition also demonstrates our ability to identify external growth opportunities in the key markets where we would like to expand.”
Jean-Laurent Granier, Country Manager France & Europ Assistance, added: “The inclusion of La Médicale in our scope of activity strengthens our positioning as a multi-specialist insurer and the key role we want to give to tied agents in our distribution model.
“We are going to enrich our know-how by strengthening our relationship with independent healthcare professionals. In this way, we will become the Lifetime Partner to 300,000 new customers by providing them with an enhanced range of insurance and service solutions. I would like to welcome the teams and agents of La Médicale. They will find new and fulfilling opportunities with us.”