Generali to sell Irish, Northern Irish operations to Zurich for 337 million euros
09/03/2026 09:54
March 9 (Reuters) - Italy's biggest insurer Generali GASI.MI has agreed to sell its Irish and Northern Irish property and casualty (P&C) operations to Zurich's ZURN.S local branches for 337 million euros ($388.7 million) in cash, it said on Monday. Generali Spain will retain 51 million euros of excess capital from the Irish P&C operations, conducted through the RedClick brand. The deal, which is expected to generate a capital gain, is subject to regulatory approvals. The Trieste-based insurance group added that the deal is in line with its focus on core insurance markets where Generali already holds scale and a leading presence. Generali flagged in the statement that the transaction will have an around 1% impact on its Solvency II position. Solvency II sets out requirements applicable to insurance companies in the EU to protect policyholders and beneficiaries. ($1 = 0.8670 euros) (Reporting by Romolo Tosiani in Gdansk; Editing by Saad Sayeed) ((Romolo.Tosiani@tr.com))