Zurich to acquire Generali’s Irish P&C business

Generali has reached an agreement for the sale of its Irish and Northern Irish P&C operations, carried out through the Irish and UK branches of Generali Spain under the RedClick brand, to Zurich.

The sale price is €337 million in cash, subject to certain adjustments at completion. Generali Spain will also retain an additional €51 million of excess capital that is currently allocated to the relevant Irish P&C operations.

The transaction is in line with Generali’s focus on core insurance markets where the group already holds scale and a leading presence.

The sale is expected to generate a capital gain for the Group that will be finalized upon completion.