Generali subsidiary Europ Assistance has bought a nearly three-quarter stake in Gulf Assist.
In a statement, Europ Assistance said it had bought 74.6% of the firm from MAPFRE Asistencia. Gulf Assist also owns Arab Assist WLL in Jordan and has a commercial branch in Dubai.
Enrique Ballesteros, previously general manager of Gulf Assist, will run the activities of Europ Assistance in the Middle East.
He said in a statement: “We are proud to be part of Europ Assistance Group. Our new international association will broaden our business platform and allow us to deliver high-quality services, products innovation, and financial security to our local partners and customers.
“We will profit from enhanced reputation, fresh ambition to grow and an opportunity to specialise.”
After the recent opening of units in Thailand and Malaysia, and the acquisition of MAPRE Asistencia’s operations in Australia in January 2022, Europ Assistance said it was strengthening its geographical footprint around the Indian Ocean, in line with its international, multiline, and multichannel strategy.
This story comes over three months after Generali said it was winding down its Europ Assistance business in Russia due to the Russian invasion of Ukraine.