ASF did not oppose Generali's merger with Tranquilidade

The ASF Board of Directors, on September 29, 2020, decided to authorize the merger by incorporation of Generali - Companhia de Seguros, and Generali Vida - Companhia de Seguros, the regulator said in a statement. Beneath Generali Seguros will be Tranquilidade, Logos and Açoreana. Everything marks that remains.

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).

Read more
Related

Generali concludes merger with Tranquilidade

"This merger allows it to operate with greater scale and efficiency and the position of soundness and financial solvency and harmonizes the governance model and control mechanisms", said the executive president of Generali in Portugal, Pedro Carvalho.
Recommended

Australian banks say they have a lot of money

"There is all that liquidity flowing and I don't have much productive use for it, because people don't want it," says Shayne Elliott, CEO of ANZ Bank.

Fidelidade maintains coverage of hospitalization costs in the second wave of Covid-19

Fidelidade thus maintains cost coverage in this second wave of Covid-19. "After the news that has been broadcast in recent days, the leading insurance group in Portugal has thus reaffirmed its commitment to its customers to assume full coverage of hospitalization costs in case of Covid-19 infection", says the insurer .

BdP completes legislative reform that empowers it to provisionally inhibit votes from a qualified shareholder

It is the real reform of banking law that the preliminary draft that Banco de Portugal takes to public consultation. In a work coordinated by Máximo dos Santos, the supervisor proposes to prohibit banks from carrying out transactions with entities in non-cooperating countries; requires the transparency of group participation structures; obliges the guarantee that the subsidiaries or branches are self-sufficient in liquidity; and gives the power to provisionally inhibit voting and determine the sale of qualified holdings.
Comments