generali_istock_baloncici-1-1-1
Generali, istock, Baloncici
25 November 2021Insurance

Generali in exclusive deal talks with French insurer Crédit Agricole

Italy’s  Generali is buying a leading player in the French insurance market for healthcare professionals, in a move it hopes will strengthen its health and protection lines and the overall P&C business in France both strategically and commercially.

Generali has entered into exclusive negotiations with Crédit Agricole for the acquisition of its insurance subsidiary La Médicale. The transaction also foresees the sale of Predica’s death coverage portfolio, marketed and managed by La Médicale, to Generali France.

La Médicale's current annual premiums stand at €552 million (including €80 million in premiums related to the death coverage portfolio insured by Predica) and more than 600,000 policies in its portfolio at the end of 2020. Its products are distributed by a specialised network of almost 125 general agents across 45 agencies.

Generali said the acquisition represents a key strategic opportunity for growth. La Médicale’s complimentary skills and expertise will offer Generali France the opportunity to establish a strong relationship with healthcare professionals, as well as expand its general agents network.

Any agreement resulting from these exclusive negotiations remains subject to the consultation of the workers’ council and the authorisation of the relevant antitrust and regulatory authorities.

The transaction is expected to close mid-2022.

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

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
15 December 2021   The appointee will lead Generali Global Assistance’s legal affairs on a corporate level.
Insurance
2 December 2021   Insurer hails recent Cattolica purchase as "perfect example" of how M&A can accelerate diversification and growth.
Insurance
16 November 2021   The executive has formerly worked at Catlin and Tokio Marine Kiln.