GENERALI completed the acquisition of SEGURADORAS UNIDAS and AdvanceCare in Portugal

14 January 2020 — Andrei Victor
GENERALI finalized the acquisition in Portugal of 100% of the company SEGURADORAS UNIDAS and the service company AdvanceCare from CALM EAGLE Holdings and CALM EAGLE PARENT Holdings II, entities majority owned by investment funds managed by certain affiliates of APOLLO Global Management, as the Italian insurance group informed in a statement

"GENERALI has received the required approvals from all relevant regulatory bodies and competition authorities and therefore completed the transaction announced on 18th July 2019".

In July, the Italian insurer mentioned the transaction totaled about EUR 600 million (EUR 510 million for SEGURADORAS UNIDAS and EUR 90 million for AdvanceCare subject to closing adjustments) and makes GENERALI the second largest non-life group in the country with a market share of 18.7% and the third largest player in the whole market.

Pedro CARVALHO will be the CEO of the insurance entities of the GENERALI Group in Portugal (GENERALI Vida, GENERALI Seguros, SEGURADORAS UNIDAS), directly reporting to Jaime ANCHUSTEGUI, CEO International of GENERALI.

SEGURADORAS UNIDAS is the second largest non-life business operator in Portugal with a 15.5% market share in the segment. The company also operates in the life segment and posted total gross insurance premiums of approximately EUR 800 million in 2018.

AdvanceCare is a service platform operating primarily in the healthcare sector, a leader in the management of medical service outsourcing. It is Portugal's second largest private player, with a market share of around 30%.

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