March 9 (Reuters) - Italy's biggest insurer Generali has agreed to sell its Irish and Northern Irish property and casualty (P&C) operations to Zurich's local branches for 337 million euros ($388.7
Generali to Sell Irish and Northern Irish Operations to Zurich for €337 Million
Generali's Strategic Divestment of Irish and Northern Irish Operations
Deal Overview and Financial Details
March 9 (Reuters) - Italy's biggest insurer Generali has agreed to sell its Irish and Northern Irish property and casualty (P&C) operations to Zurich's local branches for 337 million euros ($388.7 million) in cash, it said on Monday.
Retention of Excess Capital
Generali Spain will retain 51 million euros of excess capital from the Irish P&C operations, conducted through the RedClick brand.
Regulatory Approvals and Capital Gain
The deal, which is expected to generate a capital gain, is subject to regulatory approvals.
Strategic Rationale and Market Focus
The Trieste-based insurance group added that the deal is in line with its focus on core insurance markets where Generali already holds scale and a leading presence.
Impact on Solvency II Position
Generali flagged in the statement that the transaction will have an around 1% impact on its Solvency II position. Solvency II sets out requirements applicable to insurance companies in the EU to protect policyholders and beneficiaries.
Currency Exchange Rate
($1 = 0.8670 euros)
Reporting Credits
(Reporting by Romolo Tosiani in Gdansk; Editing by Saad Sayeed)
