Generali in Exclusive Talks to Buy Insurance Unit From Credit Agricole

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By Cristina Roca
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The two companies said late Wednesday that Acicurazioni Generali SPA is in exclusive talks to buy Credit Agricole SA’s La Medical business.

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LA Medical is an insurance subsidiary of Credit Agricole Assurance for Healthcare Professionals.

Generali will also buy the death-coverage portfolio of Predica, a life insurer wholly owned by Credit Agricole’s insurance business.

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LA Medical’s annual premium at the end of last year was EUR 552 million ($618.3 million), which included EUR80 million in premiums related to Predica’s death coverage portfolio.

Further financial details were not disclosed.

For the Italian insurer, the acquisition will strengthen its position in the French market. For Credit Agricole Assurance, the insurance arm of the French bank, the deal will reflect its decision to focus on its bancassurance model of offering insurance through the group’s banks, which provide significant synergies.

The deal is expected to close in mid-2022, the companies said. Any agreement is subject to consultation with the Workers’ Council and to antitrust clearance.

Write to Christina Roca at [email protected]

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