Generali disposes of Guatemala and Colombian units in optimisation push

Italian insurer Generali Group has completed the sale of its stake in Guatemala-based property/casualty insurance subsidiary Aseguradora General to the Neutze family, its "long-term trusted local partners".

The company stated that it will remain active in Guatemala with its international business lines, including Generali Employee Benefits, Generali Global Corporate & Commercial and Europ Assistance.

In addition, Generali has agreed to the disposal of its participation in the Colombian companies, equivalent to 91.3 percent of Generali Seguros and to 93.3 percent of Generali Vida, to the Talanx Group.

Generali Colombia recorded a total premium income of around €59 million and a shareholders’ equity of approximately €22 million in 2016. Generali Colombia share in the local insurance market is below 1 percent, ranking #22.

According to the company, the transactions are part of its strategy to optimise its geographical presence, increase operational efficiency and improve capital allocation.

In 2016, Generali announced its  plan to generate at least €1 billion in cash from leaving unattractive markets.

Frédéric de Courtois, Group CEO global business lines and international, commented: "These transactions are another step forward in the rebalancing of Generali Group geographical presence across the world. We are making good progress in the rationalization of our geographical footprint pursuing our strategy to make Generali a simpler and smarter company."

Don't miss our monthly insurtech email newsletter - sign up today

Today’s stories

Hannover Re parent acquires Generali Colombia for €30m

Castel creates new specialty division under Munich Re executive

Everest hire credit and political risk underwriter from Mitsubishi

1H insured losses 35% down on 10-year average: Aon

Flood insurers in Florida have doubled thanks to technology

Marsh & McLennan appoints CEO of Mercer Digital

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.