Generali seizes the opportunity and expands into Portugal, through a double operation that allows the Lion of Trieste to acquire 100% of the company Seguradoras Unidas and the AdvanceCare service company, taken over by Calm Eagle Holdings Sarl and Calm Eagle Parent Holdings II Sarl, majority-owned by investment funds managed by some subsidiaries of Apollo Global Management.
Generali has already received the approvals of all regulatory bodies and competition authorities and has thus been able to complete a transaction announced already last July 18. Pedro Carvalho will be the CEO of the Generali companies in Portugal (Generali Vida, Generali Seguros, Seguradoras Unidas), reporting directly to Jaime Anchústegui, Generali's International CEO. Carvalho thus enters the Trieste family, after significant experience in managerial roles in the insurance sector.
The double transaction has a total consideration of approximately 600 million euros: 510 million for Seguradoras Unidas and 90 million for AdvanceCare. 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 recorded total premium income of around €2018 million in 800. The acquisition 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 line with the three-year strategy Generals 2021.
AdvanceCare instead is one service platform operating mainly in the healthcare sector, leader in 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.
