The Generali Group has acquired two Portuguese insurance companies, Seguradoras Unidas and AdvanceCare, for 510 million EUR (572 million USD) and 90 million EUR (100 million USD) respectively.
These two transactions represent an important step in the implementation of the Italian insurer's 2021 strategic plan. They also enable Generali to become the second largest insurer on the Portuguese non-life market with an 18.7% share.
Seguradoras Unidas is Portugal's second largest non-life company with a market share of 15.5%.In 2018, it reported 800 million EUR (915 million USD) in life and non-life premiums.
AdvanceCare, a service platform specializing in health insurance, is the second largest private player in the country with a market share of 30%.
The Generali Group, which is already present in 50 countries, plans to invest 3 to 4 billion EUR (3.4 to 4.5 billion USD) by 2021 to finance its developement, mainly through acquisitions.
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