Italian re/insurer Generali has finalised its acquisition of Seguradoras Unidas and the service company AdvanceCare from Apollo Global Management, Inc. in Portugal.
The transaction, first announced in July 2019, sees Generali acquire 100% of Seguradoras Unidas for €510 million and AdvanceCare for €90 million.
The companies were bought from Calm Eagle Holdings S.à r.l. and Calm Eagle Parent Holdings II S.à r.l., entities majority owned by investment funds managed by certain affiliates of Apollo.
Going forward, Pedro Carvalho will be the CEO of Generali’s insurance entities in Portugal, including Generali Vida, Generali Seguros and Seguradoras Unidas.
In this role, Carvalho will report directly to Jaime Anchústegui, CEO International of Generali.
Seguradoras Unidas is the second largest non-life business operator in Portugal with a 15.5% market share in the segment. It also operates in the life segment and posted total gross premiums of €800 million in 2018.
The takeover increasse Generali’s share of the Portuguese non-life market to 18.7%, and allows it to leverage Seguradoras Unidas’s agency network in the life market to develop protection products, in line with its three-year Generali 2021 strategy.
AdvanceCare, meanwhile, is a service platform operating primarily in the healthcare sector, and is Portugal’s second largest private player with a market share of around 30%.
Generali said that AdvanceCare’s capital light fee business is expected to be scalable in other countries and again fits well with its 2021 strategy to increase service-based revenues.
