Italian headquartered global insurer Assicurazioni Generali S.p.A. has announced the closing of the sale of both its Panama and Colombia operations, for a consideration of approximately €170 million (US $210mn).
Both transactions were originally announced during the second-half of 2017, and are part of the company’s strategy to “rationalize its international footprint” and also to improve efficiency and capital allocation.
The Colombian business was acquired by Talanx Group, a large German insurer and the parent of reinsurer Hannover Re, while the Panama business was sold to ASSA Compañia de Seguros S.A.
The insurer states that it will still have a presence in both countries through its Global Business Lines, as well as via its Europ Assistance operations.
