Magazine date:
Oct 2013 The Portuguese government has recently approved the sale of the entire insurance business of Caixa Geral de Depositos. Multicare, OK! Teleseguros and iconic Fidelidade are affected by this operation. Fidelidade was established in 1808 and is now number one in Portugal, where it holds 31% of the life insurance market and 25.2 % of that of the non-life.
The current plan provides for the sale of 95% of the three insurers’ capital. The remaining 5% will be acquired by staff members. Four American investment funds and the Chinese group Fossum International funds are interested in these privatizations.