Generali has completed the acquisition of La Médicale from Crédit Agricole Assurances, following receipt of the necessary approvals from relevant regulatory and competition authorities, for €435 million (US$453.8 million)
The acquisition, which was first announced in February, also includes the purchase from Predica of the death coverage portfolio that is marketed and managed by La Médicale.
Generali said the deal is part of its strategy to strengthen its distribution through agents and to consolidate its position in the professionals market by acquiring a specific network of independent health professionals.
Philippe Donnet, Generali Group CEO, said the acquisition strengthens Generali’s presence in France, which is one of its most important markets. “This transaction is in line with our ‘Lifetime Partner 24: Driving Growth’ strategic plan and allows us to reinforce our position in the health, personal protection and property & casualty segments while extending our Lifetime Partner ambition to new customers. This acquisition also demonstrates our ability to identify external growth opportunities in the key markets where we would like to expand,” he added.
(Launched in December 2021, Generali’s “Lifetime Partner” program is part of its “ongoing commitment to be a Lifetime Partner to its more than 68 million customers in over 50 countries.” By making investments in personalized products, digitally enabled advice and best-in-class customer experience, Generali and its global network of 165,000 agents will get closer to customers, said the insurer on its website.)
“The inclusion of La Médicale in our scope of activity strengthens our positioning as a multi-specialist insurer and the key role we want to give to tied agents in our distribution model,” said Jean-Laurent Granier, country manager France and Europ Assistance. “We are going to enrich our know-how by strengthening our relationship with independent healthcare professionals. In this way, we will become the Lifetime Partner to 300,000 new customers by providing them with an enhanced range of insurance and service solutions. I would like to welcome the teams and agents of La Médicale….”
Mediobanca Banca di Credito Finanziario S.p.A. and Zaoui & Co. Ltd acted as financial advisers to Generali for the transaction and Herbert Smith Freehills Paris LLP as legal adviser.
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