Allianz Is Said to Be in Advanced Talks to Buy Portuguese Insurer Caravela

Allianz SE is in advanced talks to buy Caravela Seguros after submitting an offer for the Portuguese insurer, according to people familiar with the matter.

Allianz is currently discussing a potential acquisition of Caravela Seguros with company shareholders, said the people, who asked not to be named because the information is confidential. Deliberations are ongoing and talks may still not result in an offer, they said.

London-based Toscafund owns a 48% stake in Caravela and has hired Mediobanca to advise on divesting the stake, Bloomberg News reported on Jan. 19. Caravela’s remaining shareholders — a group of more than 20 investors — are also planning to sell their stakes in the company.

The Lisbon-based insurer may be worth about €150 million, one person said.

Spokespeople for Caravela and Toscafund didn’t respond to several requests for comment. A representative for Allianz declined to comment.

The potential acquisition would bolster Allianz’s Portuguese non-life portfolio. Caravela ranks seventh in Portugal’s non-life insurance market with a 2.6% share.

Italian insurer Reale Mutua has also been considering bidding for Caravela, Corriere della Sera reported last month, citing general manager Luca Filippone.

Toscafund acquired its stake in Caravela in late 2019 through a €30 million capital increase. Other shareholders include Portuguese businessman Mário Ferreira, chairman and largest shareholder of Portuguese media group Media Capital.

Portuguese newspaper Jornal Economico reported earlier on Friday that Allianz was in talks to buy Caravela.

Photograph: Flags with the Allianz logo fly in front of the Olympic Tower at the company’s shareholders meeting in Munich, Germany, on Wednesday, May 2, 2007; photo credit: Guido Krzikowski/Bloomberg News