The Generali Group has entered into an agreement to sell its business in Panama.
The transaction is part of its strategy to optimise its geographical presence, increase operational efficiency and improve capital allocation, the company said in a statement announcing its intentions to sell.
The Generali Group, which has operated in Panama as a Branch since 1970, has agreed to the disposal of the assets and liabilities of the branch, including its insurance portfolio, to ASSA Compañía de Seguros S.A., an insurance player in the region, for a consideration of US$172m, subject to adjustment on closure.
Through ASSA, the Generali Group will remain active in Panama with its international business lines, namely, Generali Employee Benefits, Generali Global Corporate & Commercial and Europ Assistance, the statement added.
Frédéric de Courtois, Group CEO Global Business Lines & International, Generali, said: “This transaction is another step forward in the rebalancing of Generali Group’s geographical presence across the world. We are making good progress in the optimization of our geographical footprint.
“We just announced the disposal of Colombia and the transaction of Guatemala and this deal will further help us to achieve our targets and to pursue our strategy to make Generali a simpler and smarter company.”
The transaction is subject to the approval of the competent authorities, the company said.
Generali is an independent, Italian Group, with a strong international presence. Established in 1831, it is among the world’s leading insurers and it is present in over 60 countries with total premium income exceeding €70bn in 2016. With over 74,000 employees in the world, and 55 million clients, the group is mainly positioned in Western Europe with an increasingly significant presence in the markets of Central and Eastern Europe and in Asia.