Generali acquires Liberty Seguros
(Teleborsa) – generals has reached a agreement with Liberty Mutual for theacquisition of Liberty Seguros, Compania de Seguros y Reaseguros, a Spanish insurance company operating in Spain, Portugal, Ireland and Northern Ireland. The operation allows the Trieste insurance company to reach the fourth position in the P&C business in Spain, consolidate the second position in Portugal, and enter Ireland.
Operation worth 2.3 billion
Il total consideration of the operation is equal to 2.3 billion euros, including all of Liberty Seguros’ excess capital, subject to adjustments at closing. The estimated impact on the Group’s Solvency Ratio is approximately -9.7 pp. Liberty Seguros has a solid capital position, with a Solvency Ratio above 330% as at 31 December 2022.
“Thanks to the acquisition of Liberty Seguros we accelerate the implementation of our strategy “Lifetime Partner 24: Driving Growth”, taking advantage of a unique opportunity that will contribute to the sustainable growth of the group, strengthen our leadership position in Europe and drive the development of the P&C business“, commented the CEO Philippe Donnet.
Focus on the Non-Life business
“Generali is going to acquire an insurance company profitableactive in three growing European markets, with very attractive featureswhich will be able to create significant long-term value for all our stakeholders – he added – Thanks to this operation, Generali is now more than ever in the best position to be the Lifetime Partner of its customers in Europe”.
With over 1.2 billion euro of premiums issued in 2022, Liberty Seguros is a P&C focused company with a growing auto business and a diversified product mix, approximately 1,700 employees and 5,600 intermediaries in the three markets in which it is active. The company operates through agents, brokers and direct channels, as well as distribution agreements and bancassurance partnerships.
Citigroup e Swiss credit they acted as financial advisors; Clifford Chance, Morais Leitao and Matheson acting legal advisor of the operation.