Tranquilidade purchases Açoreana
The Portuguese non life insurance company Tranquilidade has taken control of Açoreana, one of its competitors on the local market. No official statement on the amount of the transaction has been made yet.
Following this purchase, Tranquilidade detains a portfolio of 1.4 million customers, becoming, thus, the number two of Portugal 's non-life insurance market.
As a reminder, Tranquilidade who sustained losses during the year 2015 was acquired the same year by the American investment fund Apollo. For its part, Açoreana who also recorded poor results in 2015 was saved from bankruptcy by the Portuguese State.
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