Generali sells Irish operations to Zurich for 337M euros
Generali is selling its Irish P&C units to Zurich for 337 million euros. The cash deal focuses on core markets and will have a 1% impact on its Solvency II ratio.
Xurve View
Xurve View
Italy's largest insurer, Generali, has agreed to the sale of its property and casualty (P&C) operations in Ireland and Northern Ireland, which is part of the United Kingdom, to the local branches of Zurich. The all-cash transaction is valued at 337 million euros ($388.7 million).
Under the terms of the agreement, Generali Spain will retain 51 million euros in excess capital from the Irish business, which operates under the RedClick brand. The Trieste-based group anticipates a capital gain from the sale, which remains subject to regulatory approval.
