Generali has acquired 100% of the Seguradoras Unidas company and the AdvanceCare services company in Portugal from two holding companies controlled by Apollo. Il Leone communicates it in a note, specifying that the consideration, subject to adjustments at the closing, is equal to 510 and 90 million euros respectively.
Seguradoras Unidas is the second operator in the Portuguese P&C segment, with a market share of 15,5%. The company is also present in the Life segment and in 2018 recorded total premium income of approximately 800 million. The acquisition – underlines the press release – allows Generali to become the second Portuguese player in P&C with a market share of 18,7% and, in Life, to leverage the agency network of Seguradoras Unidas to develop protection products, in consistency with the Generali 2021 three-year strategy.
AdvanceCare is a service platform operating mainly in the healthcare sector, a leader in the outsourcing management of medical services. It is the second private player in Portugal, with a market share of around 30%. The company's business is scalable in other countries, is capital-light and is in line with the Generali 2021 strategy aimed at increasing service-based revenues.
The acquisition of the two assets is part of Generali's strategy of using capital to finance growth opportunities with disciplined M&A activity.
Generali has been present in Portugal since 1942 and operates through two companies: Generali Vida Companhia de Seguros, active in the Life segment, and Generali Companhia de Seguros, active in the Non-Life segment. In 2018, total gross premiums amounted to €215m (€154m in the Non-Life segment and €61m in the Life segment).
Generali also operates in the country in the assistance sector through Europ Assistance Portugal.
