Generali reaches insurance coverage distribution settlement with CTT Group in Portugal
Generali’s Portuguese entity Tranquilidade has entered right into a long-term settlement with CTT Group, the Portuguese postal companies group, for the distribution of Life and P&C insurance policies, with the partnership being bolstered by the acquisition of a stake in Banco CTT by Generali, by way of a €25 million reserved capital enhance.
Generali Group will grow to be a shareholder of the establishment with an approximate 8.71% stake.
Tranquilidade’s insurance coverage merchandise will probably be distributed by CTT and by Banco CTT, primarily based on a long-term distribution settlement, with renewable five-year exclusivity intervals.
The agency added that with this new settlement, it’ll attain new shoppers, significantly within the Life section, whereas significantly rising its general premiums.
Pedro Carvalho, CEO of Tranquilidade Generali Group, commented, “The partnership with CTT Group is a vital strategic step for Tranquilidade and for the expansion of Generali Group in Portugal.
“It should enable us to considerably strengthen our dimension throughout the subsequent three years and to vary the present paradigm of the Portuguese insurance coverage market by introducing superior progressive options.
“We’re very happy to have CTT Group and Banco CTT as long-term companions, and because of this, contribute to their growth, leveraging the synergies established within the settlement and benefiting from CTT Group’s sturdy presence throughout the nation, with its broad bodily retail community and superior digital platform.”
Jaime Anchústegui, CEO of Worldwide, Generali Group, added, “This settlement confirms Generali’s technique to consolidate its management place within the Portuguese insurance coverage market and is absolutely in keeping with our ‘Lifetime Companion 24: Driving Development’ plan. This partnership with CTT Group will enable us to additional enhance worth for purchasers throughout the nation because of our expanded distribution capability.”
On the finish of 2021, Tranquilidade’s premiums stood at €1.14bn, of which €1.06bn in P&C, and €80 million in Life.
Arcano Companions acted because the unique monetary advisor for Tranquilidade and Generali Group, with Morais Leitão because the authorized advisor.
In the meantime, Generali lately introduced it has partnered with Crawford & Firm to offer specialist cyber incident response and loss adjusting companies globally.
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