Generali announces that it has acquired The Medical, a French insurance company that deals exclusively with healthcare professionals. The operation was concluded after an exclusive negotiation with Credit Agricole Assurances. Some consultations were also required with the works councils, which gave their assent to the transfer of ownership. The acquisition agreement also provides that Generali sell Predica's life insurance portfolio, distributed and managed by La Medicale.
Leo will pay 435 million euros, but the consideration could be subject to adjustments to the closing of the transaction, expected by the end of 2022 (the green light from regulatory and antitrust authorities is still needed). In terms of assets, the Trieste group estimates that the operation will take place a negative impact of 4,3% on the Solvency Ratio.
In the first half of last year, La Medicale (including the life insurance portfolio) recorded gross premiums of 286 million euros, net profits of approximately 16 million and shareholders' equity of 312 million.
"The complementary skills and professionalism of La Mèdicale - reads the note from the Italian company - will offer Generali France the opportunity to establish a solid relationship with healthcare professionals, who represent an important customer segment, and to leverage a market leader".
Furthermore, the transaction “will strengthen the health and pure risk lines and, as a whole, Generali's P&C business in France from a strategic and commercial point of view. It will also make it possible to strengthen Generali's ecosystem in the health sector and expand the agency network, with over 668 agents and 765 agencies throughout France”.
