Report Generali Seeking French Insurer

June 17, 2003

According to newspaper reports Italy’s Generali may soon make a 300 million euro ($355.5 million) bid for French insurer Le Continent in a bid to increase its share of the French market. It considers the country a prime expansion opportunity.

Dow Jones Newswires quoted Radicor, an Italian news service, as indicating that Generali’s board might meet today to consider a bid for Le Continent, which is currently owned by another Italian insurance company, Toro Assicurazioni SpA.

Generali is currently France’s 6th largest insurance group, with around 8.4 billion euros ($9.95 billion) in annual premiums from both P/C and life operations. Le Continent would add around 750 million euros ($888.7 million) to that total.

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