Italian insurer Generali has entered into exclusive negotiations to acquire La Médicale, the insurance subsidiary for healthcare professionals owned by Crédit Agricole Assurances.
Under the terms of the arrangement, Generali France will also acquire Predica’s death coverage portfolio, which is marketed and managed by La Médicale.
Predica is a life insurance entity fully owned by Crédit Agricole Assurances.
La Médicale is a leading player in the insurance sector for healthcare professionals in France, with annual premiums of €552 million and over 600,000 policies in its portfolio at the end of last year.
The insurer partners with more than 300,000 clients throughout France and its solutions are distributed by a specialised network of nearly 125 general agents across 45 agencies.
The deal represents a key strategic opportunity for growth for Generali, which is supported by solid links with Crédit Agricole. The company says that this purchase is in line with its 2021 strategy and confirms the Group’s commitment to deliver profitable growth while creating value for customers.
It’s hoped that La Médicale’s complimentary skills and expertise will provide Generali France with the opportunity to establish a strong relationship with healthcare professionals, while being able to leverage a market leading brand.
The deal is expected to bolster Generali’s Health and Protection lines and the overall P&C business in France from a strategic and commercial perspective. It will also boost the insurer’s health sector ecosystem and the expansion of its general agents network, with over 668 agents and 765 agencies across France.
For Crédit Agricole Assurances, this agreement reflects its commitment to focus on the development of its bankinsurance model. The company intends to strengthen its offer in this area to all of its customers through the Group’s banks.
Any agreement resulting from these negotiations remains subject to the consultation of the workers’ council and the authorisation of the relevant antitrust and regulatory authorities. The deals is expected to close mid-2022.