Generali paid €510 million for insurer Seguradoras Unidas, and a further €90 million for health insurance provider AdvanceCare.
Back when the deal was first announced in July 2019, Generali noted that the acquisition of Seguradoras Unidas would render the company the second largest non-life group in Portugal, with a market share of 18.7 per cent, and the third largest player in the whole market. With the addition of AdvanceCare, Generali asserts that it obtains strong expertise in third-party health services, with a market share of around 30 per cent.
The company has now received the required approvals from all relevant regulatory bodies and competition authorities. Generali has announced that Pedro Carvalho will be the CEO of the insurance entities of the Generali Group in Portugal (Generali Vida, Generali Seguros, Seguradoras Unidas) and will directly report to Jaime Anchústegui, CEO International of Generali.
This acquisition supports Generali’s three-year strategy to strengthen its leadership in Europe.