One of the favoured insurance companies among Expatriate clients, Liberty Seguros, has been acquired by the Italian insurance company Generali.
A leading provider of general insurance products to many a foreign national in Spain it will add €1,200 million in premiums to Generali making it the fourth largest insurer in Spain. The transaction also includes the insurance business in Portugal, Ireland, and Northern Ireland.
The deal has cost Generali 2.3 billion euros.
Philippe Donnet, Generali Group CEO, said: “Thanks to the acquisition of Liberty Seguros, we are accelerating the implementation of our “Lifetime Partner 24: Driving Growth” strategy, taking advantage of a unique opportunity that will generate sustainable growth, strengthen our leadership position in Europe and will drive growth in Non-Life. Generali acquires a profitable business in three growth European markets with highly attractive features, which will create significant long-term value for all stakeholders. Thanks to this transaction, Generali is better positioned than ever to be the lifetime partner of customers across Europe.”
Jaime Anchústegui Melgarejo, International CEO of Generali, said: “This transaction reinforces the Group’s
commitment to Spain and Portugal, while strengthening our footprint in Europe, since we entered Ireland with a significant market share. The complementarity, profitability and diversification of this operation will also allow us to expand our network of agents and brokers, as well as acquire new digital capabilities”.