One more step has been taken on the sale of Tranquilidade: the Apollo fund gave Generalli the exclusivity of the negotiation on the sale of Seguradoras Unidas for a short period, sources told ECO.
One more step has been taken on the sale of Tranquilidade: the Apollo fund gave Generalli the exclusivity of the negotiation on the sale of Seguradoras Unidas (which includes Tranquilidade) for a short period, ECO has been informed by sources within the sector. After the end of the deadline to present bids to the insurance group, Generalli’s was considered the best among four.
Officially, no stakeholder has commented on the undergoing talks, but ECO was informed by a source that Apollo set a six-days’ deadline to close a deal with Generalli. The amounts discussed range from 550M€ to 600M€. Besides the Italian Generalli, Apollo has received proposals from Catalana Occidente, Allianz and Ageas.
Bloomberg informed on the 26th of June that the highest bid of $682M came from Generalli, confirming ECO’s prevision. However, the attribution of exclusivity to the Italian insurance group can only reinforce the idea that it has presented the best bid without major obstacles by the competition.
Profits of 50.6M€ in 2018
The Seguradoras Unidas group, which includes Tranquilidade (former BES), Açoreana (former Banif) and Logo, profited 50.6M€ last year. The net profit of 2018 reflects the improvement of both the commercial performance, technical margins, efficiency levels and financial results of the company, the group mentioned.
The results have shown significant progress as 2018’s profits of 50.6M€ contrast with 2017’s losses of 41.7M€. The Seguradoras Unidas reached a total insurance premium volume of 800M€, showing an increase of 9.6% relative to 2017. Out of a total, 746M€ come from the no-life-related insurance policies, where the accident rate dropped by 9.5% to 69.7%. Life insurance policies’ premia increased to 54M€.