Generali makes double deal worth €600m to boost presence in Portugal

Pedro Gonçalves
clock • 1 min read

Italian insurance major Generali has agreed to acquire Portuguese insurer Seguradoras Unidas and a smaller service company AdvanceCare in a transaction worth €600m. Seguradoras Unidas, also known as Tranquilidade, is the second largest non-life business operator in Portugal with a 15.5% market share in the segment. As per the agreement, Generali will pay €510m for Seguradoras Unidas and €90m for AdvanceCare to Apollo Global Management. Entities majority owned by investment funds managed by certain affiliates of Apollo Global Management own majority stake in Seguradoras Unidas and A...

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