Generali looks at mid-size insurers as acquisition targets to boost growth

Italian insurer Generali is set to spend some €3 billion acquiring smaller and mid-size insurance companies and asset managers, its chief executive Philippe Donnet. told Bloomberg in an interview.

“I don’t believe in big consolidation, because of risk management, regulation,” Donnet said. “I believe there will be some aggregation in asset management and insurance in Europe -- some of the smaller companies won’t be able to deal with low interest rates for so long -- definitely we’ll be proactive in these aggregations.”

Generali has already agreed to acquire Portugal’s second-largest non-life insurer, Seguradoras Unidas, and the service company AdvanceCare for 600 million euros this year. “After this acquisition, we still have at least three billion euros to invest for growth,” Donnet said.

In insurance, Donnet is looking at mid-size companies focusing on non-life, health, benefits and assistance. He said continental Europe would be the focus of any insurance acquisitions. “We want to grow in countries where we are already present to become one of the top three players,” Donnet told Bloomberg. Malaysia, Thailand and Brazil, are also possible regions to search for targets, he added.

Generali is in talks to buy the Central European assets of MetLife Inc. and some of Banco Bilbao Vizcaya Argentaria SA’s insurance businesses, people with knowledge of the matter have said.

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