After the completion of the acquisition of Seguradoras Unidas S.A. in Portugal in January, Generali concluded the process of the legal merger of all its 100% owned insurance subsidiaries in Portugal on Oct. 1, 2020.
Seguradoras Unidas S.A. now incorporates Generali Companhia de Seguros S.A. and Generali Vida Companhia de Seguros S.A. In addition, Seguradoras Unidas has been renamed Generali Seguros S.A.
In January, Generali finalized the acquisition of the Portuguese insurer Seguradoras Unidas and the health services company AdvanceCare from Apollo Global Management Inc. for €600 million (US$670.1 million). The transaction was first announced in July 2019.
All the required approvals were successfully obtained from the regulatory authority for the proposed transaction within 4 months enabling Generali to maintain its fast paced integration project and growth plans for the country.
Pedro Carvalho will be the CEO of the combined entity in Portugal, directly reporting to Jaime Anchústegui, CEO International of Generali.
Source: Generali
Topics Mergers & Acquisitions
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