Italy’s Generali is to acquire insurance company La Médicale as it looks to expand its health and protection lines and the overall property & casualty (P&C) business in France.
Generali signed an agreement for the acquisition of French insurer La Médicale, following the exclusive negotiation with Crédit Agricole Assurances, announced last November, and the consultation of the dedicated workers’ councils.
The transaction is valued at €435m, subject to closing adjustments.
For Generali, this acquisition represents a key strategic opportunity for growth. The transaction, the company said, confirms its commitment to deliver sustainable growth whilst creating value for customers.
The company said La Médicale’s skills and expertise will offer it the opportunity to establish a strong relationship with healthcare professionals, an important customer segment, whilst being able to leverage a market leading brand. Moreover, the transaction will strengthen Generali’s health and protection lines and the overall P&C business in France from both a strategic and commercial perspective. It will also boost Generali’s health sector ecosystem and the expansion of its general agents network, with over 668 agents and 765 agencies across France.
Last year, InsurTech Akur8 formed a multi-year partnership with Generali France to help boost its pricing capabilities by implementing Akur8’s AI-powered solution.
Philippe Donnet, Generali group CEO said, “The transaction will strengthen our presence in France, one of our core markets… Thanks to the complementary skills and expertise of La Médicale, we will grow in the health and protection lines and the overall P&C business.”
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