Zurich Insurance Group AG agreed to buy Assicurazioni Generali SpA’s RedClick unit for €337 million ($389 million) in cash to expand its non-life business in Ireland.
The two companies announced the deal in separate statements Monday, confirming an earlier Bloomberg report. Under the terms, Generali Spain will retain an additional €51 million of excess capital that is currently allocated to the operations, Generali said.
Zurich said the purchase will make it a top-three provider of life and non-life insurance in Ireland, where it has served customers for more than 75 years. The deal comes a week after the Swiss company made a firm bid for specialty insurer Beazley Plc and started a $5 billion capital raise to help finance the transaction.
“Following completion, the RedClick team and customers will transfer and become part of Zurich’s non-life insurance business here in Ireland,” Zurich said in its statement.
Generali last year hired Bank of America Corp. to review strategic options for RedClick as it seeks to streamline businesses in the wake of recent acquisitions. The Irish unit, which Generali inherited through its purchase of Liberty Seguros, specializes in online operations and attracted interest from several buyers.
Shares of Zurich Insurance fell 0.7% at 10:23 a.m. local time and Generali declined 1% in Milan, amid broader declines in European stock markets.
Generali is seeking to improve its profitability by focusing on more lucrative assets and expanding in casualty and property businesses and asset management. It agreed to buy Liberty Seguros from Liberty Mutual Holding Co. for €2.3 billion in 2023, the same year it bought asset manager Conning Holdings Ltd.
Generali rebranded Liberty’s Irish operations as RedClick in 2024, saying the unit was a “top ten player” in property and casualty insurance products with an existing base of more than 250,000 customers in the country.
Photograph: The Assicurazioni Generali SpA company’s headquarters in the CityLife district in Milan, Italy, on Monday, July 28, 2025; photo credit: Giuliano Berti/Bloomberg
Topics Mergers & Acquisitions
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