Generali's TUA Assicurazioni draws foreign bid interest
21/07/2023 14:59
By Amy-Jo Crowley and Valentina Za
LONDON/MILAN, July 20 (Reuters) - A number of
international groups are in the running to buy TUA Assicurazioni
from Generali GASI.MI , sources with knowledge of the matter
said, as Italy's top insurer aims to streamline assets inherited
in a deal in 2021.
TUA Assicurazioni, a non-life company founded in 2003, is
valued at around 300 million euros ($335 million), according to
the sources. TUA offers policies covering areas such as
motoring, home and health and was acquired by Generali as part
of its deal to buy smaller rival Cattolica two years ago.
Two sources mentioned German insurance heavyweight Allianz
ALVG.DE , fellow German insurer Talanx TLXGn.DE and France's
Groupama as potential bidders.
One of them also named Italy's Itas as one of up to five
parties that could bid in the second round.
Talanx could however drop out of the reckoning if it wins an
auction for the sale of the insurance business of the Italian
cooperative banking group ICCREA, the same source said.
ICCREA is expected to pick two insurance partners by the end
of the month. Talanx has expressed interest in ICCREA's non-life
business and is competing with Swiss Helvetia Group HELN.S ,
Groupama and Italian cooperative insurer Assimoco.
Generali, which is being advised by Rothschild and
Mediobanca, kicked off a second phase of the sales process
earlier this month, opening TUA's virtual data room to potential
bidders.
Generali, Rothschild, Mediobanca, Talanx, Allianz and Itas
declined to comment. Groupama did not reply to an emailed
request for a comment.
($1 = 0.8946 euros)
(Additional reporting by Gianluca Semarero in Milan, writing by
Keith Weir
Editing by Keith Weir and Louise Heavens)