The Board of Directors of the Insurance and Pension Funds Supervisory Authority (ASF), on September 29, 2020, “decided to authorize the merger by incorporation of Generali - Companhia de Seguros, and Generali Vida - Companhia de Seguros, companies insurance company whose parent company is also Assicurazioni Generali at Seguradoras Unidas, with the consequent extinction of the first two insurers ”, announced the insurance regulator in a statement.
The Generali group concluded the merger with Tranquilidade, after the execution of the public deed, this Thursday.
The announcement released today comes about ten months after the Italian Generali completed the purchase of 100% of Seguradora Unidas - which owns Tranquilidade and Açoreana - for 510 million euros from the Apollo fund. Generali bought AdvanceCare for 90 million euros from the same fund, bringing the value of the deal to 600 million.
In a statement, ASF recalls that on December 5, 2019, the Board of Directors decided not to oppose the acquisition, by Assicurazioni Generali SpA, of a direct qualified holding corresponding to 100% of the shares representing the share capital and voting rights of Seguradoras Unidas, an operation that was completed on January 8, 2020.
Today Generali issued a note stating that “Seguradoras Unidas has incorporated Generali Companhia de Seguros and Generali Vida Companhia de Seguros, having changed its name to Generali Seguros.
Generali in Portugal is led by Pedro Carvalho, who moved from Tranquilidade. The CEO, quoted in the document, points out that the merger "allows consolidation into a single entity" and is "instrumental in the process of integration and transformation that we have underway".
Jornal Económico knows that the project involves maintaining the three brands: Tranquilidade, Logos and Açoreana (more focused on the Azores market).