Tranquillidade, the brand of Generali in Portugal, has signed an agreement with the CTT group, company active in postal services, for the distribution of Life and Non-Life policies in Spain through the CTT network. The partnership will be accompanied by the acquisition by Generali of a stake in Banco CTT, through a reserved capital increase of € 25 million. Generali will thus become a shareholder of the institute with a stake of approximately 8,71%. This was announced by the Italian insurance group in a press release.
Based on the collaboration, i Tranquilidade insurance products will be distributed by CTT and Banco CTT, on the basis of a long-term distribution agreement, with a renewable five-year exclusivity period.
Jaime Anchustegui, CEO International of Generali, said: “This agreement confirms Generali's strategy to consolidate the Group's leadership position in the Portuguese insurance market and is fully in line with the strategic plan 'Lifetime Partner 24: Driving Growth'. The partnership with the CTT Group will allow us to further increase the value for our customers in Portugal thanks to the expansion of our distribution capacity”. Pedro Carvalho, CEO of Tranquilidade, Generali Group, added: “The partnership with CTT Group is an important strategic step for Tranquilidade and for the growth of the Generali Group in Portugal. It will allow us to significantly expand our activities in the country over the next three years and to change the current paradigm of the Portuguese insurance market through the introduction of innovative and advanced solutions. We are very pleased to have the CTT Group and Banco CTT as long-term partners and, consequently, to contribute to their growth, leveraging on the synergies provided by the agreement and benefiting from the solid presence of the CTT Group in the country, thanks to its extensive retail network and its state-of-the-art digital platform”.
Thanks to the agreement with the CTT Group and with Banco CTT, Tranquilidade will reach new customers, particularly in the Life segment, significantly increasing overall premiums, concludes the press release.
