Generali has strengthened its presence in Portugal with the acquisitions of Seguradoras Unidas and AdvanceCare.
Seguradoras Unidas is the second largest non-life business operator in Portugal with a 15.5% market share. The company also operates in the life segment and posted total gross insurance premiums of approximately €800m in 2018.
The acquisition makes Generali Portugal’s second largest non-life player with a market share of 18.7%. In life, the transaction will allow Generali to leverage Seguradoras Unidas’s agency network to develop protection products.
Jaime Anchústegui Melgarejo, chief executive international of Generali, said the transaction will enable us the company to optimise its strategic positioning in the country, capture future growth opportunities, achieve significant cost synergies and ensure the operational solidity of Europ Assistance in the Portuguese market.
AdvanceCare, a service platform operating primarily in the healthcare sector, is Portugal’s second largest private player with a market share of around 30%.
Anchústegui Melgarejos said the deal with help the group to acquire strong know-how in the healthcare sector and a scalable platform to develop in other countries.
“These acquisitions are an important step in the implementation of the group’s three-year strategy, which aims to strengthen our leadership in Europe,” he added.
Generali has been present in Portugal since 1942 and operates through two companies: Generali Vida Companhia de Seguros, operating in the life segment, and Generali Companhia de Seguros, active in the non-life segment.
Seguradoras Unidas is being acquired for €150m and AdvanceCare for €90m, subject to regulatory approvals.